Ikarus Petroleum Industries Company will hold its Annual  General Meeting (AGM) on 7 March 2022 in Kuwait City- Qibla - Block 13 - Ribal Real Estate Company Building - 32nd  floor, in order to hear, discuss and approve the Board of Directors’ report, the  auditor's report, the violations reports and penalties issued by the regulatory authorities (if any), and the transaction report that was conducted or will be conducted in the future with related parties, as well as discussing the financial statements for the financial year ended 31 December 2022.

The AGM will also discuss the Board of Directors’ recommendation to distribute 5% cash dividends to shareholders, i.e., 5 fils per share for the financial year ended 31 December 2021, for shareholders registered in the company’s records as of the AGM date. The AGM will also discuss paying remuneration to board members in the amount of KWD 225,000 for the financial year ended 31 December 2021. In addition to that, the AGM will 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 in accordance with the controls and procedures stipulated by the competent regulatory authorities.

The upcoming AGM will also discuss deducting 10% or KWD 3,582,214 towards the statutory reserve and not deducting 10% of the profits of the financial year ended 31 December 2021 towards the voluntary reserve. It will also discuss absolving board members from the liabilities related to any financial, administrative and legal matters for the financial year ended 31 December 2021. The AGM will also elect the Board of Directors for the next three years and appoint or reappoint the company’s auditors for the year 2022 and authorizing the Board of Directors to determine their fees.