Kuwaiti Indian Holding Company(KIHC) has announced that it will hold its Ordinary General Assembly Meeting for the fiscal year ending December 31, 2024, on Monday, June 2, 2025, at the headquarters.
The agenda includes the acceptance of the resignation of the current Board of Directors and the election of a new board for a three-year term. Shareholders will also discuss the company's financial statements for the fiscal year 2024 and vote on a proposal by the Board to distribute a 5% cash dividend—equivalent to 5 Fils per share—totaling KD 105,000 to shareholders registered at the time of the assembly. The Board is also proposing a total bonus of KD 13,000 to be paid to its members for their service during the year.
The meeting will cover several additional items, including the Board of Directors’ report on the company’s performance and financial position, the external auditor’s report, and the report of the Sharia Supervisory Board. Shareholders will also review any regulatory violations or penalties issued during the year, as well as related-party transactions for 2024 and anticipated dealings for 2025.
One key proposal up for discussion is the Board’s recommendation not to allocate 10% of net profits to statutory or voluntary reserves for 2024.
Furthermore, shareholders will vote on releasing the Board members from liability for their financial, legal, and administrative actions during the year. The meeting will also include the appointment or reappointment of the Sharia Supervisory Board and the external auditor for the fiscal year ending December 31, 2025, with authorization for the Board to set their fees.
Another item on the agenda is the approval to allocate 1% of net profits to the Kuwait Foundation for the Advancement of Sciences, in accordance with Article 124 bis of the Executive Regulations of Companies Law No. 1 of 2016.
Shareholders will also vote on granting permission for the Chairman or any Board member to simultaneously serve on the board of a competing company or engage in similar business activities, as permitted by Article 197 of the Companies Law and Article 17 of the company’s bylaws.
Immediately following the Ordinary Assembly, an Extraordinary General Assembly will be held at 11:00 AM at the same location. The agenda includes proposed amendments to Article (5) of the company’s Memorandum of incorporation and Article (4) of its Articles of Association, to align the company’s objectives with international activity classification codes.
The meeting will also consider an amendment to Article (47) of the Articles of association . All proposed changes are subject to approval by the relevant regulatory authorities.
The company noted that if the legal quorum for either the Ordinary or Extraordinary General Assembly is not met, the meeting will be postponed to Tuesday, June 10, 2025, at the same time and venue, with the same agenda.