Ikarus Petroleum Industries Company will hold its Annual General Meeting (AGM) and Extraordinary General Meeting  (EGM) on 7 March 2022 in Kuwait City, Qibla - Block 13 - Ribal Real Estate Company Building – 32nd Floor, to discuss the following agenda items:
AGM Agenda
Hear and discuss the Board of Directors’ report, the auditor’s report, the violations  report on any penalties issued by the regulatory authorities (if any), the report of the transactions that took place or will take place with related parties, and discuss and approve the financial statement for the financial year ended 31 December 2022. Discuss the Board of Directors’ recommendation to distribute 5% cash dividends i.e., 5 fils per share for the financial year ended 31 December 2021, to shareholders registered in the company’s records as of the AGM date. Discuss the distribution of a renumeration to BOD members in the amount of KWD 225,000 for the financial year ended 31 December 2021. Discuss authorizing the Board of Directors to buy or sell up to 10% of the company’s shares in accordance with the provisions of the law and as per the controls and procedures set forth by the competent regulatory authorities. The upcoming AGM will also discuss deducting 10% of 2021 profits towards the statutory reserve for a total amount of KWD 3,582,214 and not deducting 10% of 2021 profits toward the voluntary reserve, in addition to absolving board members from any liabilities in relation to their financial, administrative, and legal actions for the financial year ended 31 December 2021. Elect Board of Directors members for the next three years. Appoint or reappoint the company’s auditors for the financial year 2022 and authorize the Board of Directors to determine their fees.
EGM Agenda 
- Approve the Board of Directors’ recommendation to reduce the company’s capital by KWD 10,243,750 or 17% as follows: Reducing the company’s capital by KWD 10,243,750 by canceling 102,437,500 shares to be paid back to shareholders. – Approve the amendment of Article (6) of the Memorandum of Incorporation and Article (5) of the company’s Articles of Association as follows: “The company’s capital has been set at KWD 50 million distributed over 500 million at 100 fils per share, all shares are in paid in cash. Authorize the Board of Directors to dispose of the fractional shares resulting from the capital reduction.