KGL Logistics Company will hold its Annual General Meeting (AGM) on Thursday, 11 May 2023, to discuss accepting the resignation of the Board of Directors, elect a new Board of Directors for the next three years, discuss the reports issued by the Board of Directors and the auditor, and the consolidated financial statements for the financial year 2022.

The AGM will review the violations monitored by the regulatory authorities (if any) and any penalties imposed on the company for the financial year 2022, and the transactions that took place with related parties during the financial year ending 31 December 2022, as well as authorizing the company’s transactions with the related parties until the date of the next AGM for the financial year ending 31 December 2022.

KGL Logistics AGM will also discuss deducting 10% of the company’s net profits, i.e., KWD 65,713 towards the statutory reserve, and the deduction of 10% of the net profits or KWD 65,713 towards the voluntary reserve.

Moreover, the AGM will discuss the Board of Directors’ recommendation not to distribute profits for the financial year ended 31 December 2022, and the Board of Directors’ recommendation not to pay remunerations to board members for the financial year ended 31 December 2022, as well as to absolve board members of all matters related to their financial, administrative, and legal actions for the financial year ended 31 December 2022. The AGM plans to discuss approving the authorization of the Board of Directors to buy or sell up to 10% of the company’s shares, in accordance with the articles of Law No. 7 of 2010 and its executive regulations, as amended, and to appoint or re-appoint the company’s auditors for financial year ending 31 December 2023.