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12/05/2022

The Board of Directors Meeting

The Board of Directors Meeting No. 03 of 2022 was held on Wednesday, 11 May 2022 at 1:30 pm. All items on the agenda were approved. The following are the most significant ones:

    The following will be discussed during the meeting:

    • Financial Statements for the period ended 31/03/2022 have been approved.

Disclosure Form

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10/05/2022

The Board of Directors Meeting

The Board of Directors Meeting No. 03 of 2022 will be held on Wednesday, 11th May 2022 at 1:30 pm.

    The following will be discussed during the meeting:

    • Financial Statements for the period ended 31/03/2022

Disclosure Form

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27/03/2022

AGM Results

The Annual General Meeting (AGM) and the Extraordinary General Meeting (EGM) were held on Sunday 27th March 2022 at 11:00am at Kuwait Chamber of Commerce & Industry – Bahra Hall The AGM approved all the agenda items. Among them, the major resolutions are as follows:

    1. Reviewed and ratified the Board of Directors’ report, the Company’s External Auditors’ report, the Corporate Governance report and the Board Audit Committee’s report for the financial year ending 31/12/2021.
    2. Approved the Financial Statements for the financial year ending 31/12/2021.
    3. Reviewed the penalties list (financial and non-financial) imposed on the Company by the regulatory authorities for the financial year ending 31/12/2021.
    4. Approved the transfer  of 10% to the statutory reserve account for KD 1,586,871/-
    5. Approved the transfer of 10% to the voluntary reserves for KD 1,586,871/-
    6. Approved the Board of Directors’ recommendations to make the following distributions for the financial year ending 31/12/2021:
      1. Cash dividend for 10% (ten percent) of the nominal value of the share (i.e. 10 fils per share) to the shareholders registered in the Company’s records at the end of the Record Date, as detailed in the enclosed Corporate Action Disclosure Form.
      2. Approved to distribute Bonus shares for 5% of the current capital, i.e. 5 shares (five shares) for every 100 shares (hundred shares) to shareholders registered in the Company’s register at the end of the Record Date as detailed in the enclosed Corporate Action Disclosure Form, and delegating the Board of Directors to dispose of share fractions.

        The AGM approved to delegate the Board of Directors to amend the Corporate Action Disclosure Form in the event the confirmation is not announced at least 8 business days prior to the Record Date due to delay in procedures.

    7. Approved the remuneration of the Board of Directors of KD 175,000/- for the financial year ending 31/12/2021.
    8. Approved to authorize the Board of Directors to purchase or sell not more than 10% of the Company’s shares in accordance with the articles of the Law 7/2021 and its Executive Bylaws and their amendments.
    9. Approved the issuance of bonds not exceeding the maximum limit permitted by law either in Kuwaiti Dinars or in any other foreign currency and authorizing the Board of Directors to determine the type of such bonds, their duration, face value, interest rate, maturity date, and all other terms and conditions after obtaining the approvals of the relevant regulatory authorities.
    10. Reviewed and approved the transactions with related parties during the financial year ending 31/12/2021; and authorized the Board of Directors to deal with related parties during the financial year ending 31/12/2022 until the date of convening the shareholder’s annual general assembly for the financial year ending 31/12/2022.
    11. Approved to authorize those who have a representative at the Board of Directors, or the Chairman or any member of the Board of Directors or the Executive Management or their relatives up to the second degree, to have an interest, direct or indirect, in the contracts and dealings with the Company or for its account for the financial year 2022.
    12. Approved releasing and discharging the members of the Board of Directors and absolving them from legal liability for the financial year ending 31/12/2021.
    13. Approved re-appointing Mr. Abdullatif M. Al-Aiban of Grant Thornton Al Qatami Al Aiban & Partners and Mr. Talal Y. Muzaini of Deloitte & Touche – Al Wazzan & Co as the external auditors for the financial year ending 31/12/2022.

    The EGM approved the proposed amendments to the Company’s capital, as follows:

    1. Approved increasing the authorized capital from KD 48,080,174.700 (Forty eight million eighty thousand one hundred seventy four Kuwaiti Dinars and 700 fils) distributed over 480,801,747/- shares (Four hundred eighty million eight hundred one thousand seven hundred forty seven shares); to the amount of KD 60,000,000/- (Sixty million Kuwaiti Dinars) distributed over 600,000,000/- shares (Six hundred million shares) with nominal value 100 fils per share, and authorize the Board of Directors to increase the issued and fully paid capital within the limit of the authorized capital; and delegate the Board of Directors to determine the amount and procedures of the increase, date or dates of calling for the increase and its terms and conditions, and to dispose of the share fractions resulting from the increase at their discretion. In cases other than for the issuance of bonus shares to be distributed to shareholders for free, the Board is authorized to decide and determine an amount of premium to be added to the nominal value of the shares of the increase, and to engage whoever the Board sees suitable to assist in executing the foregoing, while satisfying all requirements and obtaining necessary approvals in accordance with the law and regulations and regulatory instructions.
    2. Approved increasing the issued capital from KD 48,080,174.700 (Forty eight million eighty thousand one hundred seventy four Kuwaiti Dinars and 700 fils) to become KD 50,484,183.400 (Fifty million four hundred eighty four thousand and one hundred eighty three Kuwaiti Dinars and 400 fils) by distributing Bonus Shares, while satisfying all requirements and obtaining necessary approvals in accordance with the law and regulations and regulatory instructions.
    3. Amending article (6) and the Memorandum of Association and Article (5) of the Articles of Association of the Company to become, after amendment, as follows:
      • The Authorized Capital of the Company is KD 60,000,000/- (Sixty million Kuwaiti Dinars) distributed over 600,000,000/- shares (Six hundred million shares), the value of each share is (100) fils, and all shares are in cash.
      • The Issued and Paid-up Capital is KD 50,484,183.400 (Fifty million four hundred eighty four thousand and one hundred eighty three Kuwaiti Dinars and 400 fils) distributed over 504,841,834 shares (Five hundred four million eight hundred fourth one thousand eight hundred thirty four shares), the value of each share is (100) fils, of nominal value (100 fils), and all shares are in cash..

    The Corporate Action Disclosure Form is attached

Disclosure Form

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10/03/2022

Annual General Assembly and Extra Ordinary General Meeting of Kuwait Financial Centre "Markaz

The Board of Directors of Markaz is pleased to invite the Shareholders to the Annual General Meeting (AGM) & Extraordinary General Meeting (EGM) on Sunday 27th March 2022 at 11:00am at Kuwait Chamber of Commerce & Industry – Bahra Hall. Shareholders are kindly requested to contact Markaz at 22248036 or 22248041 or 22248055 to receive the Invitation and proxy forms, the Agendas and the Board of Directors’ report, starting from Sunday 13th March 2022. Please find attached the Agenda of the Annual General Meeting (AGM) & Extraordinary General Meeting (EGM))

Disclosure Form

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