Afkar Holding Company will hold today, 20 June 2023, its Annual General Meeting (AGM) to discuss the Board of Directors’ recommendation to distribute cash dividend at a rate of 5% of the shares nominal value (equivalent to 5 fils per share) for an aggregate amount of KWD 775,000. This distribution is for shareholders registered in the company's records as of the AGM date for the financial year ended 31 December 2022.

The AGM will also discuss the Board of Directors’ report, the auditor's report, the Sharia Supervisory Board’s report, and any violations and penalties issued by the regulatory authorities during the year 2022 (if applicable).

Furthermore, the AGM will also discuss and approve the company’s consolidated financial statements for the financial year ended 31 December 2022.

Additionally, the AGM will also discuss deducting 10% towards the statutory reserve and not deducting any amounts to the voluntary reserve for the financial year ended in 2022. Additionally, the AGM will also discuss deducting 10% towards the statutory reserve and not deducting any amounts to the voluntary reserve for the financial year ended in 2022, Authorizing the Board of Directors to enter into agreements to finance the company's operations with local and foreign banks, as well as selling companies and properties, mortgaging them, providing guarantees, and entering into financing contracts up to the maximum allowed by law, whether in Kuwaiti dinars or any other currency, all in accordance with the provisions of the law and the company's bylaws, and in compliance with the principles of Islamic Sharia.

The discussion will also involve the recommendation of the Board of Directors not to pay renumerations to board members, in addition to absolving them from any liabilities pertaining to their legal, financial, and administrative actions during 2022.

The AGM will also address the appointment or reappointment of the auditor and the Sharia Supervisory Board for the financial year ending 31 December 2023. Furthermore, the Board of Directors will be authorized to determine their fees.