Al-Wafir Marketing Services Company will hold its Annual General Meeting (AGM) on Sunday, 7 August 2022, to discuss and approve the Board of Directors’ report, the auditor report, the violations’ report citing the penalties imposed on the Company by the regulatory authorities, and the related entities transactions report that took place in the financial year ended 31 December 2021.

The AGM will also discuss the company’s financial statements, deducting 10% of the distributable profit towards the statutory reserve for an aggregate amount of KWD 687,137, in addition to discussing the deduction of 10% towards the voluntary reserve of KWD 687,137 to be allocated towards purposes determined by the AGM.

The AGM will also discuss the Board of Directors’ recommendation to distribute of 7.5% cash dividends of the Company’s paid-up capital for the financial year ended 31 December 2021 (10 fils per share) amounting to KWD 1,401,416.130 to shareholders registered in the company’s records as of the AGM date, and discuss the Board of Directors’ recommendation to pay KWD 15,000 in remuneration to board members for the financial year ended 31 December 2021, in addition to absolving and releasing board members from any liabilities related to their financial, legal and administrative actions for the financial year ended 31 December 2021.

In addition to appointing or reappointing the company’s auditors (Abdul Latif Al-Aiban), Al-Qatami, Al-Aiban & Partners Grant Thornton (Auditors) for the financial year ending 31 December 2022 and authorizing the Board of Directors to determine their fees.