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Kuwait City, July 23: Burgan Drilling, Trading and Maintenance Company will hold a general meeting of shareholders on August 15, 2024 to discuss several key agenda items for the financial year ending March 31, 2024, Al- Seyassah daily reported. The board of directors proposed the distribution of a cash dividend of 5% of the nominal and paid-up capital, equivalent to 5 fils per 100 shares, excluding treasury shares. The general meeting will also consider allocating 10% of the net profit, totaling KWD 3.3154 million, to the optional reserve account.
Other important items on the agenda included approval of the board’s remuneration of KD 18,000 for the previous financial year and authorisation of the board to trade the company’s treasury shares, limited to 10% of the total shares, in compliance with the provisions of Law No. 2010/7 and its amendments.
In addition, the Board of Directors also exempted itself from responsibility for its actions related to legal, financial and administrative matters during the current fiscal year and appointed or reappointed an auditor, whose name will be chosen from among those registered with the Capital Markets Authority. The General Assembly will also decide on the auditor’s fees. If the first meeting does not meet the quorum requirement, another date will be set for August 22, 2024. The company reported a slight increase in profit for the current fiscal year, up 0.28% to KD 3.14 million compared to KD 3.13 million in 2022.
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