United Networks Company will hold its extraordinary general assembly on Thursday, March 20, 2025, to discuss the amendment of Article (46) of its articles of association, which will be revised to state: 

The net profits shall be distributed as follows:

1.    A deduction of (10%) shall be allocated to the mandatory reserve, which the general assembly may suspend if the mandatory reserve exceeds half of the company's capital.

2.    A deduction of (5%) from net profits for the Kuwait Foundation for the Advancement of Sciences, as stipulated by the decree dated December 12, 1976.

3.    A further percentage shall be deducted as proposed by the Board of Directors and approved by the general assembly each year, allocated for the optional reserve, which may be suspended by a decision from the ordinary general assembly based on proposals from the Board of Directors.

4.    A portion of profits will be deducted based on a proposal from the Board of Directors, as determined by the general assembly, to meet the company’s obligations under labor laws, and this amount may not be distributed to shareholders.

5.    In accordance with the provisions stipulated in the company's contract, the ordinary general assembly, based on proposals from the Board of Directors, may distribute profits to shareholders at the end of the fiscal year or at the end of each financial period. For this distribution to be valid, it must be from real profits and in accordance with generally accepted accounting principles, and it must not affect the company's paid-up capital.

6.    After the above deductions, an amount approved by the ordinary general assembly shall be allocated for the Board of Directors' bonus, not exceeding (10%) of the remaining profits.

7.    The remaining profits shall then be distributed to shareholders as an additional share of the profits or carried forward based on a proposal from the Board of Directors for next year or allocated for the creation of a reserve or extraordinary funds for depreciation.

The upcoming United Networks general assembly will also discuss the amendment of Article (5) of the Articles of Association and Article (4) of the company’s articles of incorporation, as well as the transition from local codes to global codes for the purposes for which the company was established to become as follows:

1.    Administrative and business support services and related services.
2.    Security devices and systems installation and maintenance.
3.    Investment of financial surpluses in financial portfolios managed by specialized companies and entities, after obtaining the approvals of the relevant authorities.