Jeeran Holding Company will hold its Annual General Meeting (AGM) for the financial year ended 28 February 2023 to take place on Thursday, 12 October 2023. The agenda for this meeting includes discussion of the Board of Directors’ recommendation regarding the distribution of cash dividends to shareholders who are registered in the company’s records as of the AGM date. The proposed dividend rate is 25% of the company's capital, excluding treasury shares, which equates to 25 fils per share. Additionally, the reports of the Board of Directors and the company's auditors will be discussed during the AGM.
Furthermore, during the AGM, there will be a review of reports concerning violations and penalties issued by the relevant regulatory authorities. The meeting will also cover reports on transactions that have occurred or are planned with related parties. Additionally, a proposal will be considered to allocate 10% of the net profits from the financial year ended February 2023, totaling KWD 1,195,310, to the statutory reserve account. Another 10%, equivalent to KWD 1,195,310, will be allocated from the net profits towards the voluntary reserve account to address any potential risks that the company may encounter in the upcoming financial years.
In addition to the aforementioned agenda items, the AGM will also address and approve the company’s financial statements for the financial year ended 28 February 2023. Furthermore, there will be a discussion on the appointment or reappointment of the company's auditor for the financial year ending 29 February 2024, with the Board of Directors being authorized to determine the auditor's fees.