Tashelat Real Estate Company will hold its Annual General Meeting for the financial year ended 31 March 2022 on Wednesday, 3 August 2022 at the Company’s headquarters, to discuss the Board of Directors’ recommendation to distributed 6% cash dividends (6 fils per share) for an aggregate amount of KWD 1.5 million for the financial year ended 31 March 2022, to shareholders registered on the Company’s records as of the AGM date. The AGM also discussed the Board of Directors report, and the auditors’ report issued by (Talal Al Muzaini) Deloitte & Touche - Al Wazzan & Partners, as well as discussing and approving the financial statements for the financial year ended 31 March 2022.
The AGM will also read the penalties report issued by the regulatory authorities for the financial year ended 31 March 2022 and hear and approve the transactions that took place with related parties during the financial year ended 31 March 2022, as well as authorizing the Board of Directors to deal with related parties during financial year ending 31 March 2023.
"Tashelat’s AGM will also discusses the deduction of 10% (KWD 198,060) towards the statutory reserve, the deduction of 10% (KWD 198,060) towards the voluntary reserve, discuss the Board of Directors' recommendation to pay KWD 30,000 remuneration to board members for the financial year ended 31 March 2022, absolve board members from all matters related to their legal, financial, and administrative actions for the financial year ended 31 March 2022, and appoint or reappoint the company’s auditor for the financial year ending 31 March 2023, and authorize the Board of Directors to determine their fees.
Meanwhile, the Company Extraordinary General Meeting (EGM) will discuss the amendment of Article (14) of its Articles of Association, as follows: The company is managed by a board of directors consisting of (6) members, and the shareholders elect the members of the board of directors by secret ballot. Every shareholder, whether a natural or legal person, may appoint representatives on the company’s board of directors, pro-rata to their shares. Shareholders who are represented on the Board of Directors may not participate with the other shareholders in the election of the remaining members of board members except within the remaining available limits for the appointment of their representatives. A group of shareholders may jointly agree to appoint one or more board members by adding their collective number of shares. If it was not possible to elect a new board of directors on the date specified for that purpose, the existing board continues to manage the company’s affairs until the situation is resolved and a new board of directors is elected.