United FoodStuff Industries Group will hold its Annual General Meeting (AGM) on Thursday, 15 June 2023, to discuss items listed on the AGM agenda. These include the election of a new board of directors for the next three years, the presentation of reports from the current board of directors and the company's auditor, as well as discussions on any violations and penalties issued by regulatory authorities. The meeting will also review transactions involving related parties.
Furthermore, the AGM will review and approve the financial statements for the financial year ended 31 December 2022. The Board of Directors will propose not to distribute dividends to shareholders but instead allocate 10% of net profits, equivalent to KWD 51,743, to the statutory reserve. Additionally, a 10% allocation of net profits, amounting to KWD 51,743, will be proposed for the voluntary reserve to mitigate future risks that the company may face for the financial year ending 31 December 2022.
During the meeting, the AGM will discuss not to pay renumerations to board members and to absolve them of any financial liability concerning their legal, administrative, and financial actions for the financial year 2022.
Lastly, the appointment or re-appointment of the company's auditor for the financial year ending 31 December 2023, and authorization for the Board of Directors to determine the auditor's fees will be discussed and decided upon.