First Hotels Company has announced its invitation to hold the ordinary general assembly on Monday, May 19, 2025, at 12:00 PM.

The meeting will address several items listed on the agenda regarding the company’s performance during the fiscal year ending December 31, 2024.

The agenda includes the approval of the Board of Directors’ reports, the Fatwa and Shariah Supervisory Board’s report, and the auditor’s report by Qais Mohammad Al-Nasf from BDO Al-Nasf & Partners, along with their ratification.

The assembly will also review any violations detected by regulatory authorities or any penalties imposed on the company during 2024, if applicable.

The general assembly will discuss the consolidated financial statements and the profit and loss account for the past fiscal year, along with the Board’s recommendation not to distribute cash dividends or pay bonuses to board members. The assembly will make decisions regarding the approval of these recommendations.

Furthermore, the assembly will review the report on related party transactions that have taken place or will take place and will consider granting authorization to the Chairman of the Board and members of the Board to sell, buy, mortgage properties, take loans, issue guarantees, and open accounts both inside and outside Kuwait, in accordance with the company’s interests.

The agenda also includes the approval of setting aside optional and legal reserves of KD 150,694 each, amounting to 10% of the net profits, in addition to discharging the Board members from financial, legal, and administrative responsibilities for the fiscal year 2024.

Finally, the assembly will elect a new Board of Directors for the next three-year term and appoint or reappoint the external auditor and the Fatwa and Shariah Supervisory Board for the fiscal year ending December 31, 2025, and authorize the Board to determine their fees.