United Oil Projects Company (UOP)  has invited its shareholders to attend its extraordinary general assembly, scheduled to be held on Sunday, May 25, 2025.

The agenda will include a discussion and approval of the modification of Article (47) of its Articles of Association, which will be amended to state the following regarding the distribution of net profits:

A minimum of 10% of the net profits shall be deducted annually, by a decision made by the ordinary general assembly based on the board of directors' proposal, to establish a mandatory reserve for the company. The general assembly may suspend this deduction if the mandatory reserve exceeds half of the company's capital.

1% shall be deducted and allocated to the Kuwait Foundation for the Advancement of Sciences.

A percentage of no more than 10% of the net profits may be deducted annually, by a decision issued by the ordinary general assembly based on the board of directors' proposal, to form an optional reserve allocated for purposes specified by the assembly.

A portion of the profits, as determined by the general assembly, shall be deducted to meet the obligations of the company under labor laws, and these funds may not be distributed to shareholders.

The necessary amount shall be deducted to distribute an initial dividend of 5% of the share value to shareholders.

After the previous deductions, an amount deemed appropriate by the ordinary general assembly, not exceeding 10% of the remaining profits, shall be allocated for the board of directors' bonuses.

The remaining profits shall then be distributed to shareholders as an additional share in profits, carried forward to the next year based on the board's proposal, or allocated to create a general reserve fund or for extraordinary depreciation expenses.

The ordinary general assembly, upon the board of directors' proposal, may distribute profits to shareholders at the end of the fiscal year, provided that this distribution comes from genuine profits, in accordance with generally accepted accounting principles, and does not impact on the company's paid-up capital.

A percentage shall be deducted from undistributed profits, as determined by the board of directors after consulting the auditor, for the depreciation of the company's assets or to compensate them for their reduction in value. These funds shall be used to purchase or repair necessary materials, machinery, and facilities, and may not be distributed to shareholders.

The ordinary general assembly must decide to set aside a percentage of profits to meet the company's obligations under labor and social insurance laws; a special fund may also be established to assist the company’s workers and employees.

The company has clarified that if the legal quorum is not met, a second meeting will be held on Sunday, June 8, 2025, at the same location and with the same agenda, without the need for a new invitation procedure.