Contracting and Marine Services Company will hold its 53rd Annual General Meeting (AGM) on Sunday, 21 May 2023 at the company’s headquarters to discuss the Board of Directors’ recommendation to distribute  5% (5 fils per share) cash dividend for the financial year ended 31 December 2022, for an aggregate amount of KWD 1,143,310.260 after deducting the treasury shares, to shareholders registered in the company’s records as of the AGM date, subject to receiving the AGM and regulatory approvals. 

The AGM will also discuss and approve the board of directors’ report and the auditors’ report, in addition to the report on the violations and penalties issued by the regulatory authorities against the company (if any), as well as the transactions that have taken place or will take place with related parties. The AGM will also discuss and approve the company’s financial statement for the financial year that ended on 31 December 2022.

Moreover, the AGM is scheduled to discuss the deduction of 10% of this year’s net profit towards the statutory reserve, and approve the Board of Directors’ recommendation not to deduct 10% of the net profits towards the voluntary reserve account for the year 2022, as well as the payment of renumerations to board members for the fiscal year ended 31 December 2022, and absolving them from all matters related to their financial, legal and administrative actions for the financial year ended 31 December 2022, as well as authorizing 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.