Kuwait – Mubasher: The General Assembly of the Gulf Group for Cables and Electrical Industries Company will discuss, on Wednesday, May 3, the Board of Directors’ proposal to distribute cash dividends of 60% of the nominal value of the share, or 60 fils per share, following offering treasury shares.
And according to a statement by the Kuwait Stock Exchange today, Monday, the profits are due to the registered shareholders at the end of the due date set for 15 working days of the Ordinary Assembly convening, provided that the distribution begins following 5 working days from the end of the due date with the authorization of the Board of Directors to change the dates.
The assembly will discuss transferring 1.43 million dinars to the general reserve, distributing 305 thousand dinars as bonuses to members of the Board of Directors, authorizing the Board to sell or buy no more than 10% of the company’s shares, and appointing or reappointing an auditor.
The Assembly reviews the reports of the Board of Directors and Governance, and the auditors, in addition to the violations reported by the regulatory authorities, if any, as well as discussing the consolidated financial statements for 2022.
The company set May 11 as an alternative date in case the quorum was not reached in the first meeting.
It is noteworthy that “Kabelat” achieved profits in 2022 amounting to 12.95 million dinars, a decrease of 19.36% from its level in the previous year, which amounted to 16.06 million dinars..
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