KUWAIT: Boursa Kuwait Securities Corporate (KPSC) held its E-Annual Common Meeting (AGM) assembly for the yr ended Dec 31, 2021 on Thursday, March 24, 2022, which noticed the Board of Administrators’ advice to distribute money dividends of 65 fils in line with proportion authorized, with a complete price of KD 13,050,424. The money dividends will likely be dispensed to the corporate’s registered shareholders by way of the top of day of the file date, which is scheduled to be 6 April 2022, and dispensed a few of the shareholders by way of 10 April 2022, which is the scheduled fee date, as authorized throughout a Board of Administrators assembly following the AGM.
The Board of Administrators’ record, the Auditor’s record and the consolidated audited monetary statements for the fiscal yr ended on December 31, 2021, have been all authorized, as have been the Company Governance and Audit Committee reviews and the Nominations and Remunerations Document for Board individuals and Government Control. The AGM used to be chaired by way of Vice Chairman Bader Abdullah Al-Kandari, who learn the reviews issued by way of the Kuwait Clearing Corporate’s digital gadget in regards to the quorum of attendance, the result of participation and vote casting incorporated within the schedule, in addition to a record of the shareholders’ notes.
Shareholders additionally agreed to grant the Board of Administrators authorization to shop for or promote the corporate’s stocks, supplied they don’t exceed 10 %, in response to the provisions of Regulation No. 7 of 2010 and its govt rules and amendments, in addition to discussing and approving the Comparable Events’ Transaction Document for 2021 and the similar events’ transactions. The reappointment of Badr Adel Salem Al-AbdulJader from Ernst & Younger (Al-Aiban, Al-Osaimi & Companions) because the auditor for the fiscal yr finishing on Dec 31, 2022, used to be additionally authorized.
Right through the assembly, shareholders elected the individuals of the Board of Administrators for the approaching 3 years, saying the appointment of Hamad Mishari Al-Humaidi, Bader Abdullah Al-Kandari, Bader Nasser Al-Kharafi, Talal Jassim Al-Bahar, Khaled Waleed Al-Falah, Raed Jawad Bukhamseen, Faleh Abdullah Al-Rogobah, and Yousef Faisal Al-Mannai, whilst Bader Abdulmohsen Al-Jeaan, Jassem Hassan Zainal and Dalal Jaffar Behbehani have been elected as alternates.
Additionally, throughout a Board of Administrators assembly held after the AGM, Hamad Mishari Al-Humaidhi used to be appointed Chairman whilst Bader Abdullah Al-Kandari used to be voted Vice Chairman for the next 3 years. Boursa Kuwait Vice Chairman Bader Abdullah Al-Kandari commented at the effects, pointing out: “Boursa Kuwait delivered an outstanding monetary efficiency for this yr, with an build up in running benefit by way of 26.3% over the former yr, from KD 12.6 million to KD 15.9 million. The corporate endured to put in force its operational solution to toughen its environment friendly contribution to enjoyable the “New Kuwait 2035″ imaginative and prescient, making nice strides in its trail to be a number one inventory alternate within the Center East, and a marketplace ranked by way of essentially the most outstanding world signs.”
Al-Kandari additionally highlighted the corporate’s exceptional efficiency this yr, and the Board of Administrators’ dedication to supporting the corporate’s technique, showcasing the sequence of achievements and milestones that contributed to the advance of the corporate and the Kuwaiti capital marketplace. “Boursa Kuwait endured to ship on its promise to develop, raising Kuwait’s capital marketplace equipment thru a dedication to its modern technique that assists in keeping up with the best-in-class world requirements and practices. The corporate additionally made nice strides against the sustainability of its operations in addition to encouraging all marketplace individuals to undertake the finest sustainable practices,” Al-Kandari added.
Reaffirming its dedication to contributing to the “New Kuwait 2035” imaginative and prescient and the Nationwide Building Plan in addition to the United Countries’ Sustainable Building Objectives (SDGs), Boursa Kuwait advanced an ESG Reporting Information that goals to fortify indexed corporations to record on Environmental, Social, and Governance (ESG) problems, and to fulfill the rising wishes of quite a lot of stakeholders, together with traders, consumers, providers, and regulators for clear and common knowledge. That is along with launching guided techniques and projects within the primary fields related to Company Sustainability and taking part with its shareholders in main nationwide and world organizations.
Al-Kandari additionally prolonged his sincerest gratitude to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah on behalf of Boursa Kuwait and its Board of Administrators, for his or her endured fortify to the stableness of Kuwait’s financial system and building. Al-Kandari concluded by way of thanking the shareholders for his or her steady accept as true with in Boursa Kuwait, and the Capital Markets Authority, Kuwait Clearing Corporate, and all individuals within the Kuwaiti capital marketplace for their efforts in selling Kuwait’s place as a number one regional marketplace and the State of Kuwait as a outstanding vacation spot for world funding.
Boursa Kuwait’s Vice Chairman additionally thanked his fellow Board individuals and Government Control for his or her diligence and determination in contributing to the belief of the corporate’s technique and targets, resulted within the notable growth and development of the Kuwaiti monetary marketplace by way of their smart suggest. He additionally thanked all corporate staff for his or her energetic contribution to those achievements. Mohammed Saud Al-Osaimi, Boursa Kuwait’s Leader Government Officer additionally commented at the corporate’s effects for 2021, pronouncing, “Boursa Kuwait witnessed a marked build up in buying and selling price and quantity, with buying and selling quantity expanding by way of greater than 57.9 % from 53.6 billion to round 84.6 billion transactions, whilst traded price noticed an build up of 26.6 %, from round 10.7 billion Kuwaiti dinars to about KD 13.6 billion. The Kuwaiti capital marketplace’s marketplace capitalization in 2021 used to be round KD 41.4 billion, an build up of round 28.4 % from 2020.”
Al-Osaimi drew consideration to the corporate’s key efficiency signs, pronouncing: “Boursa Kuwait’s overall belongings stand at 110.4 million, a 6 % build up from KD 104.2 million from 2020. In the meantime, Boursa Kuwait’s shareholder fairness additionally larger by way of 14.8 %, to KD 60.6 million from 52.8 million and the whole running income got here in at 31 KD million, an build up of 39.7 % in comparison to 2020’s overall of KD 22.2 million.”
Al-Osaimi praised Boursa Kuwait’s efforts to advertise the Kuwaiti capital marketplace globally, dropping gentle at the distinctive funding alternatives it gives. In 2021, the corporate held a number of digital company days and roadshows, which attracted over 20 indexed Kuwaiti corporations, to supply insights and get admission to to the world funding group thru facilitated classes and one-to-one conferences with institutional traders.
Al-Osaimi concluded his commentary by way of thanking the Board of Administrators for his or her unwavering fortify of the corporate’s technique and operations, in addition to Government Staff individuals and each and every corporate worker, who’ve performed important roles to advance the advance of the marketplace. He additionally thanked the Capital Markets Authority, Kuwait Clearing Corporate, and brokerage companies whose experience, wisdom and professionalism are mirrored in each and every facet of the a hit building of Kuwait’s capital marketplace
Al Osaimi reiterated the corporate’s dedication to modernize the Kuwaiti capital marketplace by way of increasing its choices and bettering marketplace potency, improving get admission to and reinforcing transparency and governance in addition to expanding liquidity and transparency, whilst fortifying investor self assurance as a part of the corporate’s efforts to reinforce and modernize the marketplace and build up its asset categories.
Since its inception, the corporate has strived to broaden a robust monetary marketplace with prime liquidity and credibility during the implementation of a spread of structural and technical trends and projects that may reinforce the placement of the alternate, locally and globally. Boursa Kuwait continues to put in force many steps in response to world practices and requirements to become Kuwait right into a regional and world funding vacation spot, by way of that specialize in developing a stupendous issuer base and broadening its investor base, expanding the intensity and breadth of its merchandise, in addition to upgrading its infrastructure and trade setting to world requirements.