Kuwait .. the increase in the “fence” share by 4.04% after the decision to increase the capital

The shares of the fence rose to market the fuel included and traded on the Kuwait Stock Exchange by 4.04% with closed trading on Sunday, to close at the price of 335 fils per share, after the decision to increase the capital.

Trading on the arrow of the fence to market fuel at that time came at 954.28 thousand shares with a value of trading 326.08 thousand dinars.

The highest price for the share at that time was at 354 fils per share, while the lowest price for the share was at 320 fils per share.

The shares of the Al -Saur Fuel Marketing Company also increased after the extraordinary general assembly announced its approval to raise the company’s capital, in addition to making adjustments to the statute.

The association approved the increase in the authorized capital, the source and the paid from 40.47 million Kuwaiti dinars to 42.09 million dinars, an increase of 1.62 million dinars.

The company stated that this increase will take place through the distribution of free grant shares with 16.19 million shares, with a nominal value of 100 fils per share, equivalent to 4 shares per 100 owned shares, for shares registered on the day of entitlement. The Assembly delegated the Board of Directors to implement the decision and deal with stock fractures, if any.

The General Assembly also agreed to amend Article (7) of the founding contract and Article (6) of the Basic Law, to update the new capital, which has become 42.09 million dinars, distributed over 420.9 million cash shares, with a nominal value of 100 fils per share.

The amendment of Article (16) of the statute was approved, so that the company’s administration shall take over a council consisting of 9 members, a part of them is elected according to the percentage of ownership of the entities that are entitled to appointment according to the laws regulating, and the rest are elected by the General Assembly through a secret vote, and it was recognized that the percentage of independent members is not less than 20% of the total council, provided that appropriate qualifications and experiences are available, without the requirement that they are contributors.

The amendment indicated that the membership period for the independent member will be three years, renewable, provided that the existing council continues to start its duties if it is not possible to elect a new council on the specified date, until the appropriate conditions are available for election.

In the context of financial performance, the Al -Sur Company made an annual profit worth 4.84 million Kuwaiti dinars during the year 2024, compared to 4.13 million dinars in 2023, which represents annual growth by 17.19%.