Boursa Kuwait Electronic Annual General Meeting Approves Cash Dividend of Over Kd13m for 2021
Boursa Kuwait Securities Company (KPSC) held its electronic Annual General Meeting (AGM) for the financial year ended December 31, 2021 on Thursday, March 24, 2022, which saw the recommendation of the Board of Directors to distribute cash dividends of 65 fils per share approved, with a total value of 13,050,424 million KD (thirteen million fifty thousand four hundred and twenty-four Kuwaiti dinars).
Cash dividends will be distributed to registered shareholders of the company by the end of the day of the record date, which is scheduled for April 6, 2022, and distributed to shareholders by April 10, 2022, which is the scheduled payment date, as approved at a meeting of the board of directors following the general meeting.
The report of the Board of Directors, the report of the Statutory Auditor and the audited consolidated financial statements for the financial year ended 31 December 2021 were all approved, as were the reports of the Corporate Governance and Audit Committee and the report on the appointments and compensation of directors and management.
The AGM was chaired by the Vice-Chairman, Mr. Bader Abdullah Al-Kandari, who read the reports issued by the electronic system of the Kuwait Clearing Company regarding the attendance quorum, attendance and voting results included in the agenda, as well as a report of the shareholders’ notes.
The shareholders have also agreed to grant the Board of Directors the authorization to buy or sell the
the shares of the company, provided that they do not exceed 10%, in accordance with the provisions of Law No. 7 of 2010 and its implementing regulations and amendments, as well as discussing and approving the related party transaction report for 2021 and related party transactions. The renewal of the term of Mr. Badr Adel Salem Al-AbdulJader of Ernst & Young (Al-Aiban, Al-Osaimi & Partners) as Statutory Auditor for the year ended December 31, 2022 was also approved.
During the meeting, the shareholders elected the members of the Board of Directors for the next three years, announcing the appointment of Mr. Hamad Mishari Al-Humaidi, Mr. Bader Abdullah Al-Kandari, Mr. Bader Naser Al -Kharafi, Mr. Talal Jassim Al-Bahar, Mr. Khaled Waleed Al-Falah, Mr. Raed Jawad Bukhamseen, Mr. Faleh Abdullah Al-Rogobah and Mr. Yousef Faisal Al-Mannai, while Mr. Bader Abdulmohsen Al-Jeaan , Mr. Jassem Hassan Zainal and Mrs. Dalal Jaffar Behbehani were elected substitutes.
Additionally, at a Board meeting held after the AGM, Mr. Hamad Mishari Al-Humaidhi was appointed as Chairman while Mr. Bader Abdullah Al-Kandari was elected as Vice-Chairman for the next three years. .
Boursa Kuwait’s Vice President, Mr. Bader Abdullah Al-Kandari, commented on the results saying: “Boursa Kuwait has delivered an exceptional financial performance for this year, with an increase in operating income of 26.3% compared to the previous year from 12.6 million KD to 12.6 million KD. 15.9 million. The company continued to implement its operational strategy to strengthen its effective contribution to the realization of the “New Kuwait 2035” vision, making great strides on its way to becoming a leading stock exchange in the Middle East and a market ranked by the most important global indicators. .”
Al-Kandari also highlighted the company’s phenomenal performance this year and the board’s commitment to supporting the company’s strategy, highlighting the series of achievements and milestones that have contributed to the development of business and the Kuwaiti capital market.
“Boursa Kuwait has continued to deliver on its promise of growth, improving Kuwait’s capital market apparatus through a commitment to its progressive strategy that follows international best standards and practices. The company has also made great strides towards the sustainability of its operations and has encouraged all market players to adopt sustainable best practices,” Al-Kandari added.
Reaffirming its commitment to contribute to the “New Kuwait 2035” vision and the National Development Plan as well as the United Nations Sustainable Development Goals (SDGs), Boursa Kuwait has developed an ESG Reporting Guide which aims to support listed companies in their Environmental reporting, social and governance issues (ESG) and to meet the growing needs of the various stakeholders, in particular investors, customers, suppliers and regulators, in terms of transparent and regular information. This is in addition to launching guided programs and initiatives in key areas related to corporate sustainability and working with its shareholders in leading national and international organizations.
Al-Kandari also expressed his most sincere 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 directors. Directors, for their continued support for the stability of the economy and the development of Kuwait.
Al-Kandari concluded by thanking shareholders for their continued confidence in Kuwait Exchange, and the Capital Markets Authority, Kuwait Clearing Company, and all participants in the Kuwaiti capital market for their efforts to promote Kuwait’s position in as a leading regional market and the State of Kuwait as a leading destination for international investment.
The Vice President of Boursa Kuwait also thanked his fellow board members and senior management for their diligence and dedication in contributing to the achievement of the company’s strategy and objectives, which culminated in the significant improvement and progress in the Kuwaiti financial market thanks to their wise counsel. He also thanked all company employees for their active contribution to these achievements.
Mr. Mohammed Saud Al-Osaimi, Managing Director of Boursa Kuwait, also commented on the company’s results for 2021, stating: more than 57.9%, from 53.6 billion to about 84.6 billion transactions, while the traded value increased by 26.6%, from about 10.7 billion Kuwaiti dinars to about 13, 6 billion KD. The market capitalization of the Kuwaiti capital market in 2021 was approximately KD 41.4 billion, an increase of approximately 28.4% from 2020.”
Al-Osaimi drew attention to the company’s key performance indicators, saying, “Boursa Kuwait’s total assets stand at 110.4 million, an increase of 6% from 104.2 million KD compared to 2020. At the same time, the shareholders’ equity of Boursa Kuwait also increased by 14.8%, to 60.6 KD. 52.8 million and total operating income was KD 31 million, an increase of 39.7% from the 2020 total of KD 22.2 million.
Al-Osaimi praised Boursa Kuwait’s efforts to promote the Kuwaiti capital market globally, highlighting the unique investment opportunities it offers. In 2021, the company organized several virtual company days and roadshows, which attracted more than 20 listed Kuwaiti companies, to provide information and access to the international investment community through lively sessions and one-on-one meetings. with institutional investors.
Al-Osaimi concluded his statement by thanking the board of directors for their unwavering support of the company’s strategy and operations, as well as the members of the management team and every employee of the company, who played an important role in advancing market development. He also thanked the Capital Markets Authority, the Kuwait Clearing Company and the brokerage firms whose expertise, knowledge and professionalism are reflected in all aspects of the successful development of Kuwait’s capital market.
Al Osaimi reiterated the company’s commitment to modernizing the Kuwaiti capital market by expanding its offerings and improving market efficiency, improving access and enhancing transparency and governance as well as increasing liquidity and transparency, while building investor confidence as part of the company’s efforts to improve and modernize the market and grow its asset classes.
Since its inception, the company has strived to develop a sound financial market with high liquidity and credibility through the implementation of a series of structural and technical developments and initiatives that will strengthen the position of the exchange, at regional and global level. Boursa Kuwait continues to implement numerous measures in accordance with international practices and standards to transform Kuwait into a regional and global investment destination, focusing on creating an attractive issuer base and expanding its base of investors. investors, increasing the depth and breadth of its products, as well as upgrading its infrastructure and business environment to international standards.