10/05/2026
Share:
10/05/2026
Share:
KUWAIT CITY, May 10: Action Energy Company K.S.C.P (KSE Symbol: ALFTAQA), Kuwait's leading local partner for integrated upstream services, owner and operator of one of the youngest rig fleets in the region, held its FY25 Annual General Meeting (AGM) of Shareholders on Thursday, May 7, 2026, in Kuwait.
The General Assembly's shareholders approved all items on the agenda, including the Board of Directors' recommendation to distribute cash dividends to shareholders of 3% of the share's nominal value, equivalent to 3 fils per share. Shareholders also elected Mr. Issa Khalid Al-Issa and Mr. Walid Khalid Mandani as independent members of the Board of Directors.
Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, Chairman of Action Energy Company said: “Action Energy continues to focus on its 2026 strategic priorities while maintaining operational flexibility and supporting national oil companies, underpinned by a strong financial position, a healthy balance sheet and a resilient business model. As a Kuwaiti operator committed to the country’s long-term energy objectives, and a home-grown integrated upstream services provider, the Company stands ready and fully mobilized to support and contribute to the continued recovery of the energy sector.”
AEC expects to continue its upstream operations without material disruption, absent a material escalation in the regional security environment. This outlook is supported by a record backlog of KWD 321.5 million, a strong revenue visibility, and an active pipeline of contracts under mobilization. AEC also continues to advance its growth strategy through the expansion of its fleet to 27 rigs (20 existing and 7 under construction), and other oilfield services contracts in pipeline. AEC is committed to protecting its people, maintaining operational continuity, and supporting Kuwait’s national energy objectives, with its resilient business model and strength of its market position. The company continues to monitor the current situation closely while remaining focused on delivering high quality services and long-term value to its stakeholders. It has also taken measures to mitigate potential logistical risks, including the early activation of emergency response plans and the strategic stockpiling of critical spare parts.
About the Newly Elected Independent Board Members
Mr. Issa Khalid Al-Issa is a seasoned executive with over 40 years of experience across the industrial, investment, and marketing sectors. He began his career at Kuwait National Petroleum Company and has held senior leadership roles at AlAhlia Investment Group and United Industries Company (KIPCO Group). He holds a Bachelor’s degree in Industrial Engineering, with a minor in Marketing, from the University of Portland, Oregon, USA.
Mr. Walid Khalid Mandani is an accomplished banking and investment executive with over 30 years of experience across treasury, retail and private banking, and wealth management, most recently serving as Acting Chief Executive Officer of Gulf Bank (2023–2025) and previously holding senior roles at Kuwait Finance House (KFH), BNP Paribas (Kuwait), and Ahli United Bank (AUB). He currently serves as a Board Member of ACICO Industries and KNET, chairing the Audit Committees of both. He holds a Bachelor of Science in Business Administration from the University of Arizona, with executive education at Cornell University and Harvard Business School.
