The board of City group Company has invited its shareholders to attend the ordinary general assembly meeting on Tuesday, March 18, 2025, at its headquarters to discuss the board's recommendation to distribute cash dividends of 8.5% of the nominal value of the share (8.5 Fils per share), totaling KWD 884,615 after excluding treasury shares and fractional shares, from the net profits for the fiscal year ending December 31, 2024.
These distributions are due to shareholders registered in the company’s records at the date of the general assembly, noting that this recommendation is subject to the approval of the general assembly and the relevant regulatory authorities, along with several other important items included in its agenda:
- Discussion of the Board's report for the fiscal year ending December 31, 2024, and its ratification.
- Discussion of the Auditor's report from Bader Al-Wazzan of Deloitte & Touche Al-Wazzan regarding the fiscal year ending December 31, 2024, and its ratification.
- Discussion and approval of the consolidated financial statements and final accounts of the company for the fiscal year ending December 31, 2024.
- Review of any violations noted by regulatory authorities and any penalties imposed on the company (if any) for the fiscal year ending December 31, 2024.
- Review of the report on transactions with related parties for the fiscal year ending December 31, 2024, and authorization of the Board for dealings with related parties until the date of the next general assembly for the fiscal year ending December 31, 2025.
- Discussion of the Board's recommendation to continue suspending the allocation to the legal reserve as it has reached 50% of the capital.
- Discussion of the Board's recommendation to continue suspending the allocation to the general reserve.
- Discussion of the Board’s recommendation not to grant bonuses to Board members for the fiscal year ending December 31, 2024.
- Discussion of the discharge of Board members regarding their legal, financial, and administrative actions for the fiscal year ending December 31, 2024.
- Approval to authorize the Board to distribute interim cash dividends during the fiscal year 2025 based on the same standards used for annual distributions and determining their amount and percentage while taking all necessary procedures and approvals from the relevant authorities.
- Approval to grant competent employees of the company the right to purchase shares of the company using treasury shares according to the employee stock purchase plan approved by the Board, following all necessary procedures and approvals from the relevant authorities according to relevant laws and regulations.
- Authorization for the Board to buy or sell shares of the company not exceeding 10% of its total shares according to the provisions of Law No. 7 of 2010 and its executive regulations and subsequent amendments, complying with decisions and directives from relevant regulatory authorities in this regard, and this authorization shall remain valid for eighteen months from the date of issuance.
- Appointment or reappointment of auditors from the approved list of auditors at the Capital Markets Authority and delegation of the Board to determine their fees for the fiscal year ending December 31, 2025.