First Equilease holds its AGM, approves 2014 financial results
KUWAIT CITY: The General Assembly Meeting for First Equilease for Equipment and Transportation Company K.S.C (closed) was held on 4 June 2015. 99.7% of shareholders were present at the meeting and it was presideby the Chairman, Mohammad A. Al Qahtany. The Annual General Assembly Meeting approved the 2014 financial results which ended on 31/12/2014 and all of the general assembly` s items.
Al Qahtany mentioned that the Company was established in 2005 as a Kuwaiti closed shareholding company with a current capital of 10 million dinars. the company's major shareholders include Kuwait Financial Centre (Markaz), Markaz Energy Fund, Mubader W.L.L., Pearl National Holding Company, and Privatization Holding company. The Company provides an innovative model equipment leasing services in the Gulf region which caters to each of the company's customers according to their needs.
In addition, it offers unique and flexible equipment leasing services, with a focus on the petroleum, industrial, and infrastructure sectors. As part of its expansion policy, the company signed a number of lease and sales equipment contracts in 2014, bringing the total existing contracts to date to 11,925 million Kuwaiti dinars. The contracts were signed by a number of companies that use equipment for construction and various high quality industrial purposes which include a variety of heavy cranes types, giant chunks tankers, cement mixers, trucks and other construction equipment and transportation vehicles.
In 2014, the company's total revenue reached 1,115,135 Kuwaiti dinars, while its shareholders' equity amounted to KD 12,845,821, with a book value of 128.458 per share. Previously, the company considered a diversification study in the field of leasing machinery and heavy equipment within the Gulf and the Middle East in collaboration with one of the largest houses of global experience regarding this field. Given the respective study recommendations, it expanded its various leasing activities, as well as the purchase and sale of equipment.
The company is still studying a number of acquisition opportunities in companies offering operating leases to create the desired investment opportunities. The company has also established a subsidiary company engaged in the leasing and sale of heavy equipment compatible with the principles and provisions of Islamic law with a capital of KD 1,000,000. The establishment procedures are still in progress with an expected operation start date during the 2015 year.
© Arab Times 2015
