The General Assembly of the Refrigeration, Storage, and Petroleum Services Company, held at the company's headquarters on Wednesday, December 20, 2023, has approved several amendments to its Articles of Association: 

1. Amendment of Article (15): The company will be managed by a board of directors consisting of five members. The entity holding representation rights on the board will appoint members proportionate to its shares, while the remaining members will be elected through secret balloting by the general assembly. 

2. Amendment of Article (47): Net profits will be distributed as follows: 

- 10% will be allocated to the compulsory reserve account. 

- 1% of the net distributable profit will be allocated to the Ministry of Finance (Zakat) in line with Law 46 of 2006, Ministerial Resolution No. 58 of 2007, and accompanying executive regulations. 

- 1% of the net distributable profit will be allocated to the Kuwait Foundation for the Advancement of Sciences (KFAS). 

- 10% will be allocated to the voluntary reserve account. The deduction for this reserve can be stopped by a resolution from the Ordinary General Assembly, upon the recommendation of the Board of Directors. 

- An amount necessary to distribute a first share of profits up to 5% will be deducted from the value of shareholders' paid shares. 

- A percentage, not exceeding 10% of the remainder, will be allocated as remuneration for the Board of Directors, determined by the General Assembly. 

- The remaining profits will be distributed among the shareholders as an additional share of profits. Alternatively, the remainder can be carried forward, based on the recommendation of the Board of Directors, to the following year. It can also be allocated to establish reserve funds or for extraordinary expenditure. 

3. Addition of a new article to the Memorandum of Association: The Ordinary General Assembly, based on the proposal from the Board of Directors, may distribute dividends to shareholders at the end of the year or at the end of each financial period. Such distribution must be based on actual profits and comply with generally accepted accounting principles. Importantly, the distribution should not have an adverse impact on the paid-up capital.