KUWAIT: Oula Fuel Marketing Company held its postponed Extraordinary General Meeting (EGM) on May 14th at Kuwait Business Town Tower in presence of Chairman Mr. Abdul Hussein Al Sultan with a number of shareholders, auditors and representatives of the Ministry of Commerce.
Under which, it has been approved to increase the company's capital to reach KD 36.3 million as per the recommendation of AGM held on April 25th, 2013 and the distribution of 5% share dividend (5 shares for each 100 shares) to shareholders registered as of the date of AGM.
During the Extraordinary General Meeting, it has been approved to modify the text of Article (7) of the Memorandum of Association, and Article (6) of the Statute related to the capital, in addition to modifying other materials.
In this occasion, Chairman Abdul Hussein Al Sultan said: "The adoption of the capital increase will provide a greater margin to develop the stations and their services in order to meet the clients' expectations in terms of provision of sophisticated services. Once the capital is raised, we will be able to increase our investments in order to achieve this goal".
Chairman Al Sultan thanked the shareholders for their ongoing and consistent support to the company and its strategic development plan, promising them that Oula Fuel Marketing Company will always remain at the level of their expectations in appreciation for the shareholders' ongoing and consistent support to the company which complements its growth and success.
It's worth mentioning that Oula has previously declared that the company has achieved a net profit of KD 3.8 million and its AGM had recommended the distribution of 5% share dividend (5 shares for each 100 shares) to shareholders registered as of the date of AGM.
© Kuwait Times 2013
