Kout Food Group held its Annual General Meeting (AGM) this morning and approved the resignation of Mr. Saleh Yaqoub Al-Humaidhi, who previously served as the Vice Chairman of the Board of Directors.
Moreover, the AGM approved the distribution of 80% cash dividends (8 fils per share), i.e., KWD 5.353 million, to the company’s shareholders registered in the shareholders register as of the AGM date.
In addition, the Company has approved the payment of KWD 70,000 as remuneration to board members for the financial year ended 31 December 2022. The Board of Directors' members have also been absolved of any legal, financial, and administrative liabilities for the financial year ended 31 December 2022. Moreover, the company's transactions with related parties have been approved, and the Board of Directors has been authorized to enter into transactions and contracts with related parties during the financial year ending 31 December 2023, until the subsequent AGM convenes to consider the approval of the company's financial statements for the financial year ending 31 December 2023.
The AGM granted authority to the Board of Directors to buy, sell, or dispose of up to 10% of the company's shares in compliance with relevant laws and ministerial decisions. This authorization remains valid for a period of 18 months from the date of its issuance and approval.
The Board of Directors report and the auditor’s report were also approved, as well as the company’s financial statements and final accounts for the financial year ended 31 December 2022.