Global Investment House (Global) shareholders approved payment of 5 percent cash dividend amounting to KWD3.9 million for the financial year ended Dec. 31, 2015, at its AGM chaired by Maha Al-Ghunaim, vice chairman and group CEO. The shareholders approved all the other agenda items.
The shareholders also approved transfer of 10 percent of the net profit to the voluntary reserve account amounting to KWD 686,829 in addition to the postponement of listing the company on the Kuwait Stock Exchange and authorizing the board of directors to determine the appropriate time to commence the listing procedures.
The shareholders elected Hisham Al-Otaibi as an independent director and re-elected Maha K. Al-Ghunaim and Al-Shaab Holding Company in addition to the four directors named by the major shareholder NCH Ventures. The new board consists of the following seven members: Hisham Al-Otaibi, independent director; Maha K. Al-Ghunaim, Hamad Al-Homaizi representing Al-Shaab Holding Company; Ali Ojjeh representing NCH Ventures SPC; Ibrahim Saad representing NCH Ventures SPC; Bassam Yammine representing NCH Ventures SPC; Abdul Wahab Al-Halabi representing NCH Ventures SPC.
Al-Otaibi, the new member joining the board of directors, has long-standing experience in the financial services sector and the supervisory field and enjoys technical and managerial competencies. He served as a member of the boards of several companies and advisory boards and held leadership positions in the public and private sectors, including director of Kuwait Stock Exchange. He was appointed minister of trade and industry between 1998 and 1999.
During the meeting, Al-Ghunaim provided a summary of the company's performance during 2015, which reported net profits of KWD6.6 million.
The newly elected board of directors met after the general assembly and elected Hisham Al-Otaibi as chairman of the board and Maha Al-Ghunaim as vice chairman and group CEO.
Global shareholders approve 5% cash dividend
Global shareholders approve 5% cash dividend
