Al-Bareeq Holding Company will hold its Annual General Meeting (AGM) on Wednesday, 7 June 2023 to discuss the Board of Director’s recommendation to distribute bonus shares at a rate of 4% of the company’s authorized and fully paid-up capital by issuing 17,492,000 new shares.
The bonus shares shall be distributed at the rate of (4) shares for every 100 shares, amounting to KWD 1,749,200 as per the resolution to be issued by the Extraordinary General Meeting (EGM). The AGM will also discuss the Board of Directors’ recommendation not to distribute cash dividend for the financial year ended 31 December 2022, as well as not paying renumerations to board members, and absolve them from all matters related to their legal, financial, and administrative responsibilities resulting from the performance of their duties during the financial year ended 31 December 2022.
Furthermore, the AGM will discuss the Board of Directors’ report, the auditor’s report, and the Sharia Supervisory Board’s report, in addition to reviewing any financial or non-financial penalties and violations imposed on the company by the regulatory authorities for the financial year ended on 31 December 2022 (if any), authorize the Board of Directors to buy or sell up to 10% of the company’s shares in accordance with the provisions of Law No. 7 of 2010 and its executive regulations, as amended. Approve the authorization of the Board of Directors to conclude all necessary agreements with local and foreign banks and financial institutions in order to finance purchases and deal with local and foreign banks, banks and financial institutions, and concluding financing agreements.
It will also discuss and approve the financial statement for the financial year 2022 and the deduction of 10% of the company’s profits towards the statutory reserve in accordance with Article (225) of the Companies Law, i.e., KWD 6,898, and the deduction of 10% from the profits towards the voluntary reserve in accordance with Article (225) of the Companies Law, i.e., in the amount of KWD 6,898.
Moreover, the AGM will discuss the recommendation of the Board of Directors to request the re-listing of the company's shares to be traded on Boursa Kuwait, appoint, or re-appoint the auditor and members of the Sharia Supervisory Board for the financial year ending 31 December 2023, and authorize the Board of Directors to determine their fees.