KUWAIT CITY, July 23: Burgan Well Drilling, Trading, and Maintenance Company will hold its General Assembly on August 15, 2024, to address several key agenda items for the fiscal year ending March 31, 2024, reports Al- Seyassah daily. The Board of Directors has recommended a cash dividend distribution of 5% of the nominal and paid-up capital, equating to 5 fils per 100 shares, excluding treasury shares. The assembly will also consider allocating 10% of the net profits, totaling KWD 331.54 thousand, to the optional reserve account.

Other significant items on the agenda include approval of the Board of Directors’ remuneration of KWD 18 thousand for the past fiscal year and authorization for the Board to trade in the company’s treasury shares, with the limit set at 10% of the total shares, in compliance with Law No. 2010/7 and its amendments.

This is in addition to release of the Board of Directors from liability for their actions related to legal, financial, and administrative matters for the fiscal year and appointment or reappointment of auditors, with names to be selected from those registered with the Capital Markets Authority. The assembly will also decide on the auditors’ fees. An alternative date of August 22, 2024, has been set in case the initial meeting does not meet quorum requirements. The company reported a slight increase in profits for the fiscal year, rising by 0.28% to KWD 3.14 million, compared to KWD 3.13 million in 2022.