The extraordinary general assembly of Gulfsat Communications Company, held on November 25, 2024, discussed the future of the company, following the company’s report of losses exceeding three-quarters of its paid-in capital for the financial year ending December 31, 2023.
The extraordinary general assembly of "GulfSat" decided to continue the company in accordance with Article 271 of Law No. 1 of 2016 regarding the issuance of the Company Law.
It also approved an amendment to Article (46), paragraph five of its articles of incorporation, to read as follows:
"In consideration of the provisions contained in the company's contract, the ordinary general assembly may, based on a proposal from the Board of Directors, distribute dividends to shareholders at the end of the financial year or at the end of each financial period, provided that this distribution is from real profits and in accordance with generally accepted accounting principles, and does not affect the company’s paid-in capital.
"The general assembly also approved an amendment to Article 5 of the Articles of association and Article 4 of its Articles of Incorporation, to read as follows:
The activities of the company and the purposes for which it was established are as follows:
- Repair and maintenance of landline telephones and fax machines.
- Data programming and website hosting.
- Programming for news channel subscriptions.
- Investing surplus funds in financial portfolios managed by specialized companies.
- Establishing and operating visual and audio satellite channels.
- Satellite communication activities.
- Modern communication services.
- Providing services in the field of modern communications.
- Installing and extending computer and communication networks.
- Professional, scientific, technical, and consulting activities and related services.
Assemblies
Modification of the company's purposes