Tamkeen Holding Company, formerly known as Al-Safat International, will hold its Annual General Meeting (AGM) next Thursday to seek approval for the financial statements of the financial years 2021 and 2022. In addition, an Extraordinary General Meeting (EGM) will be convened to discuss the liquidation of the company.
Informed sources indicated that the EGM will be discussing the decision to dissolve and liquidate the company in accordance with the law. The EGM will also address the appointment of a liquidator through mutual agreement among the shareholders, as well as determining the liquidation period and the fees of the appointed liquidator.
On March 16, 2021, the Capital Markets Authority (CMA) decided to delist the shares of Tamkeen Holding Company from trading on Boursa Kuwait. This decision was based on the company's failure to disclose and submit financial statements for previous periods, as well as the failure to correct violations issued by the Disciplinary Board on 7 May 2020, which were required to resume trading of Tamkeen shares. Additionally, the company failed to pay the annual subscription fee to the stock exchange.
Tamkeen Holding Company was founded on 1 November 1992, and its shares were listed on Boursa Kuwait on 30 April 2007. The company had an initial capital of KWD 6.675 million, distributed over 66.75 million shares, at a nominal value of 100 fils per share.
The company's objectives encompass owning shares of Kuwaiti or foreign shareholding companies, as well as owning shares or stakes in Kuwaiti or foreign limited liability companies. It also involves participating in the establishment of these companies of both types, managing them, and providing guarantees to them with third parties.
Horizon Gate General Trading Company holds the majority stake in Tamkeen Holding Company, owning 8.16% of its capital. The second-largest shareholder is Mohammed Saleh Ahmed Ali Al-Ramadan, who holds a stake of 5.30%.