KGL Logistics Company will discuss the fiscal year ending December 31, 2023, at its upcoming Ordinary General Assembly, scheduled to be held on Thursday, September 26, 2024, at the Kuwait Chamber of Commerce and Industry, Bahra Hall, Kuwait City.
The following items on its agenda will also be discussed:
- Hearing the Board of Directors' report on the company's activities and financial position for the fiscal year ending December 31, 2023, and approving it.
- Discussing and approving the auditor's report for the fiscal year ending December 31, 2023.
- Discussing and approving the consolidated financial statements for the fiscal year ending December 31, 2023.
- Reviewing the violations detected by the regulatory authorities (if any) and for which penalties were imposed on the company for the fiscal year ending December 31, 2023.
- Reviewing and approving the transactions that took place with related parties during the fiscal year ending on December 31, 2023, and authorizing the company to deal with related parties until the date of the next General Assembly for the fiscal year ending on December 31, 2024.
- Discussing the Board of Directors’ recommendation not to distribute profits for the fiscal year ending on December 31, 2023.
- Discussing the Board of Directors’ recommendation not to grant a bonus to the members of the Board of Directors for the fiscal year ending on December 31, 2023.
- Discussing the Board of Directors’ recommendation to extinguish all accumulated losses of the company amounting to KWD 10,127,342 as in the financial statements ending on December 31, 2023, by approving the use of the entire balance of the optional reserve amounting to KWD 9,118,513 and the balance of the mandatory reserve amounting to KWD 1,008,829.
- Approval of the Board of Directors' authorization to purchase or sell the company's shares not exceeding 10% of its shares in accordance with the provisions of Law No. 7 of 2010 and its executive regulations and their amendments.
- Discussion of the release of the members of the Board of Directors and their discharge from all matters related to their financial, administrative and legal actions for the fiscal year ending on December 31, 2023.
- Appointing or reappointing the company's auditor for the fiscal year ending on December 31, 2024, and authorizing the Board of Directors to determine his fees.
if the legal quorum for the Ordinary General Assembly meeting is not completed, the second meeting will be held to discuss the same agenda on Monday, October 7, 2024.