Shamal Az-Zour Al-Oula power and water company holds extraordinary general meeting

Shareholders Approve Board's Recommendation to Increase Board Seats From Five to Seven

  

Kuwait: Today, Shamal Az-Zour Al-Oula Power and Water Company K.S.C.P. held an Extraordinary General Meeting (EGM). The company’s shareholders approved the Board of Directors’ recommendation to amend Article (16) of the company’s Articles of Association to increase the number of board seats from five to seven. 

Agenda for the Company's Extraordinary Shareholders General Assembly Meeting:

  • Consider approving the proposed amendment of Article (16) of the Articles of Association of the company to increase the number of directors from five to seven.

Article (16) of the Articles of Association Before Amendment

The company shall be managed by a board composed of (five) members. Each shareholder, whether an individual or a corporate entity, including the Kuwaiti Government, local and foreign companies, may appoint representatives on their behalf on the Board of Directors, proportional to their shareholding interest in the capital of the company. The General Assembly shall elect the remaining members via an anonymous poll, all per the provisions of the Kuwait Companies Law No. (25) of 2012.

Article (16) of the Articles of Association After  Amendment

The company shall be managed by a board composed of (seven) members. Each shareholder, whether an individual or a corporate entity, including the Kuwaiti Government, local and foreign companies, may appoint representatives on their behalf on the Board of Directors, proportional to their shareholding interest in the capital of the company. The General Assembly shall elect the remaining members via an anonymous poll, all per the provisions of the Kuwait Companies Law No. (1) of 2016.

In August 2020, the company was listed on Boursa Kuwait’s Premier Market. The company is the first power generation and water desalination company to list on the exchange. The listing followed the successful distribution of 50% of the company's shares to Kuwaiti citizens in November 2019. The remaining 50% of shares are owned by different public and private entities and is as follows: 40% is owned by a private investor, Azour North One Holding Company K.S.C.C., which is owned by a consortium comprising ENGIE, Sumitomo Corporation, and A.H. Al Sagar & Brothers; 5% is owned by the Kuwait Investment Authority and 5% by the Public Institution for Social Security.

-Ends-

For more information, please contact:
Fawaz Al Sirri
Bensirri Public Relations
Email: fawaz@bensirri.com 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases