Shamal Az-Zour Al-Oula Power & Water company holds yearly general meeting

KUWAIT CITY, April 12: Today, Shamal Az-Zour Al-Oula Power and Water Company K.S.C. (Public) held its Annual General Meeting (AGM) for the fiscal yearend on 31 December 2020. The company’s shareholders approved the Board of Directors’ recommendation to distribute a cash dividend of 12 fils per share, totaling KD 13,200,000 (thirteen million two hundred thousand Kuwaiti Dinars) from retained earnings and profit to shareholders registered in the company’s records.

Shareholders also elected Eyad A J Al Falah as the independent member of the Board of Directors. No candidate was elected for the non-independent member. An ordinary general meeting will be held at a later date to elect the seventh board member. Shareholders also approved the re-appointment of the Company’s Auditor (KPMG – Safi Al Mutawa & Partners) for the fiscal year-end on 31 December 2021 who are included in the authorized audit list of the Capital Markets Authority taking into consideration the mandatory compliance period for Auditors and authorizing the Board of Directors to determine their fees.

The company’s shareholders also approved that board remuneration payments will not be made to the Board of Directors with respect to the year 2020, and approved the Board of Directors’ recommendation of a 10% transfer, equivalent to KD 1,262,736 from the net profit to the statutory reserve in relation to the fiscal year-end on 31 December 2020.

In August 2020, Shamal Az-Zour Al-Oula Power and Water Company K.S.C. was listed on Boursa Kuwait’s Premier Market. The company is the first power generation and water desalination company to list on the exchange. The listing followed the successful distribution of 50% of the company’s shares to Kuwaiti citizens in November 2019. The remaining 50% of shares are owned by different public and private entities and is as follows: 40% is owned by a private investor, Azour North One Holding Company K.S.C.C., which is owned by a consortium comprising ENGIE, Sumitomo Corporation, and A.H. Al Sagar & Brothers; 5% is owned by the Kuwait Investment Authority and 5% by the Public Institution for Social Security.