First Hotels Company has scheduled its Annual General Meeting (AGM) for the financial year ended 31 December 2022, to take place on 19 June 2023. The purpose of the meeting is to discuss and obtain approval for the Board of Directors' recommendation to distribute cash dividends to the company's shareholders. The proposed dividend rate is set at 3% of the company's total capital, amounting to an aggregate amount of KWD 1.2 million.
During the upcoming Annual General Meeting (AGM) of First Hotels Company, several important matters will be discussed and decided upon. These include reviewing the reports of the Board of Directors and the company's auditor, Qais Muhammad Al-Nisf from the office of BDO Al-Nisf & Partners, for 2022. The AGM will also cover the reports of the Sharia Fatwa Board, represented by the Sharia Supervisory Board, as well as any violations or penalties imposed on the company by regulatory authorities during 2022.
Furthermore, the AGM will review and approve the company's financial statements for the financial year ended 31 December 2022. It will also consider approving the deduction of a voluntary reserve amounting to 10% (KWD 126,671) and a statutory reserve amounting to 10% (KWD 126,671).
The AGM will address transactions involving related parties and seek approval for authorizing the Chairman of the Board of Directors and other members to engage in activities such as selling and buying real estate properties, mortgaging assets, contracting loans, providing guarantees, and opening accounts both in Kuwait and overseas, as deemed necessary for the company's interests.
Additionally, the AGM will discuss the Board of Directors' recommendation regarding the remuneration of board members for the financial year ended 31 December 2022. The proposed remuneration is a total amount of KWD 40,000. The AGM will also discuss absolving board members from their financial, legal, and administrative actions in 2022.
Lastly, the AGM will address the appointment or re-appointment of the company's auditor and the Fatwa and Sharia Supervisory Board for the financial year ending 31 December 2023. The Board of Directors will be authorized to determine their respective fees.