Kuwait Financial Centre “Markaz” held its Annual General Meeting and Extraordinary General Meeting on 28, April, 2020, for the fiscal year ending 31 December, 2019.
Mr. Diraar Yusuf Alghanim, Markaz Chairman, inaugurated the meeting, and stated: “Today’s meeting coincides with the outbreak of the novel COVID-19 in Kuwait and across the world. I want to take this opportunity to acknowledge and commend the directives and guidance of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, and the distinguished cabinet’s wisdom and speed of execution, headed by His Highness Sheikh Sabah Khalid Al-Hamad Al-Sabah, to face the health and security repercussions of this crisis”.
Alghanim added: “The novel COVID-19 outbreak has imposed a halt on economic activity and social life, and brought about an unprecedented collapse in oil prices, which resulted in negative repercussions on local and global markets. Countries across the world, including the GCC countries, have taken financial and legal measures to address the results of the outbreak and its impact on production and social components, reduce the burdens on the workforce and limit the bankruptcies in the local markets.”
He said: “As an extension to the economic plan that the Cabinet announced on Thursday March 31, 2020, the Governor of the Central Bank of Kuwait, in his capacity as Chairman of the Higher Steering Committee for Economic Stimulus, presented during the press conference a plan to address the flow of liquidity to economic activity through local banks and to support part of the benefits from Central Bank of Kuwait. Although the vision about the effect of these measures on the local economy in the short or medium term is not yet clearly formed, we at Markaz are closely following these measures and their consequences on the national economy.”
“On the occasion of the holy month of Ramadan, we would like to extend our warm wishes, and ask God to bless our beloved country with safety and peace, and relief our homelands and the whole world from this pandemic soon."
Alghanim then moved on to discuss the agenda of the General Assembly, starting with a eulogy for Sheikh Humoud Sabah Al-Sabah, Vice-Chairman, who passed away in November 2019, and who had an effective contribution during his time with the Board of Directors since 2002, may God have mercy on him and bless his family with patience and fortitude.
In line with the meeting discussions, the assembly approved all points of the agenda and to the amendments of items 9 and 10 specifically. The assembly unanimously approved the reduction of cash dividends for shareholders for the year 2019 from 10% (10 fils per share) to 5% (5 fils per share), based on a proposal submitted by a representative of shareholders who own (16.63%) of the company’s share capital. In addition, the assembly approved the reduction of the remuneration of the board of directors, based on the recommendation of the Chairman.
The General Assembly also approved the election of the new board of directors, which consists of Mr. Diraar Yusuf Alghanim, Mr. Faisal AbdulAziz Al-Jallal, Mr. Ayman Abdullatif Alshaya, Mr. Fahad Yaqoub Al-Jouan, Mr. Adel Mohammed Alghannam, Mr. Omran Habib Hayat and Mr. Fahad Sulaiman Al Dalali.
The Extraordinary General Assembly was also held, where all points of the agenda were also approved.
Lastly, Alghanim extended his gratitude to the shareholders, attendees and the "Markaz" family, thanking them for their commitment to supporting the company, and wishing the Almighty to free our world from the pandemic soon.