Boursa Kuwait Securities Company (KPSC) held its Annual General Assembly meeting for the year ended Dec 31, 2023 on Thursday (March 28, 2024), at the Boursa Kuwait building. The Board of Directors’ recommendation to distribute cash dividends of 74 fils per share was approved, amounting to KD 14,857,406 (Fourteen million, eight hundred and fifty-seven thousand, four hundred and six Kuwaiti dinars). Shareholders registered by the end of the record date of April 21, 2024 will receive their share dividends by the end of 24 April, 2024, the company’s scheduled payment date.

The meeting was chaired by Chairman Hamad Mishari Al-Humaidhi, who welcomed the esteemed shareholders and then read the reports issued by the Kuwait Clearing Company regarding the quorum of attendance, which came in at 70.25 percent, as well as the items on the agenda.

The Board of Directors’ report, the Independent Auditor’s report and the Consolidated Financial Statements for the fiscal year ended on Dec 31, 2023 were all approved, as were the Corporate Governance and Audit Committee reports and the remunerations and benefits report for BOD members.

Shareholders agreed to grant the Board of Directors authorization to buy or sell the company’s shares, provided they do not exceed 10 percent, as per the provisions of Law No 7 of 2010 and its executive regulations and amendments. Shareholders also discussed and approved the Related Parties’ Transaction Report for 2023 and the related parties’ transactions, which are proposed to be conducted during the upcoming 2024 financial year.

 

Finally, the appointment of Waleed Abdulla Saud Al-Osaimi from Ernst & Young (Al-Aiban, Al-Osaimi & Partners) as the auditor for the fiscal year ending on Dec 31, 2024 was also approved.

Boursa Kuwait Chairman Hamad Mishari Al-Humaidhi commented on the results, stating: “Boursa Kuwait recorded a net profit of KD 15.80 million, an indication of the company’s robust and effective operational model and its ability to successfully navigate a turbulent year characterized by economic uncertainty and geopolitical tensions. The Boursa continued to collaborate with its partners to achieve its strategic goals to develop a strong and efficient financial market that adopts best-in-class standards and practice to achieve a high level of liquidity and transparency.”

Al-Humaidhi added, “Boursa Kuwait solidified its role as a leading contributor to the diversification of the Kuwaiti economy and a key cog in the state’s plans to transform the country into a cultural, financial and investment pioneer in the region. The company was able to implement its societal and environmental initiatives, aligned with its Corporate Sustainability (CS) pillars and the United Nations’ Sustainable Development Goals (SDGs), leveraging its extensive network and resources to support its various stakeholders throughout the past year while maintaining its illustrious record of honors and accolades in the field of sustainability.”

The Boursa Kuwait Chairman also extended his sincere gratitude to His Highness the Amir Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah for his continued support of the stability of Kuwait’s economy and development and thanked the company’s esteemed shareholders for their continuous trust in the company and its objectives, extending his appreciation to his fellow Board members and Executive Management for their diligence and dedication in the realization of the company’s strategy and goals as well as to all company employees for their active contribution to the bourse’s achievements in 2023.

Al-Humaidhi concluded his remarks by showing appreciation to Boursa Kuwait’s partners in the Kuwaiti capital market, with special mention to the Capital Markets Authority, the Kuwait Clearing Company, issuers, investors, brokers, and market participants, for their efforts in promoting Kuwait’s position as a leading regional market and the State of Kuwait as a prominent destination for international investment.

Boursa Kuwait’s Chief Executive Officer Mohammed Saud Al-Osaimi also commented on the company’s results for 2023, saying, “Boursa Kuwait showcased remarkable agility in dealing with the volatility of the financial scene in 2023 thanks to its robust operational model which allowed Boursa Kuwait to gain prominence as one of the best stock exchanges in the region and the Kuwaiti capital market to cement itself as an attractive investment destination for the world.

The company remained steadfast in adapting to the changes and challenges of the year by ensuring that its products and services adhere to the best-in-class standards and practices of capital markets globally, cementing its collaborative partnerships with the Kuwaiti capital market apparatus and building bridges between itself and the investment community locally, regionally and internationally as well as instilling confidence in its diverse issuer base, its investors and its key stakeholders.”

Al-Osaimi reiterated the company’s commitment to modernizing Kuwait’s capital market by expanding its offerings and improving market efficiency, enhancing access and reinforcing transparency and governance as well as increasing liquidity and transparency while fortifying investor confidence as part of the company’s efforts to enhance the market and offer investors more opportunities to profit.

Al-Osaimi concluded his statement by thanking the Board of Directors for their unwavering support of the company’s strategy and operations, as well as the executive management team and every company employee, who played significant roles in advancing the development of the market. He also thanked the Capital Markets Authority, Kuwait Clearing Company, and brokerage firms whose expertise, knowledge and professionalism are reflected in every aspect of the successful development of Kuwait’s capital market.

Since its inception, Boursa Kuwait has worked diligently to create a thriving capital market that attracts local and foreign investors through a broad spectrum of new products and services, infrastructure upgrades, and market reform initiatives, as part of its multi-phase market development plans.

The company was fully privatized in 2019, the first government entity in the country to successfully undergo the process, bringing about greater levels of efficiency. Boursa Kuwait also self-listed in September 2020 and has made great strides in sustaining its operations and business continuity in the face of uncertainties and challenges.

The company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development (MD) plans and showcases some of the standout listed companies and the investment opportunities that reside in the Kuwaiti capital market through its series of roadshows and corporate days, putting these companies in touch with some of the world’s leading investment firms and financial institutions and highlighting their financial health and business strategies and outlooks, to help investors gain an in-depth understanding of the benefits and opportunities of investing in Kuwaiti companies.

 

 

 

 

 

Kuwait Times