KUWAIT CITY: Al-Mazaya Holding held its Ordinary General Assembly Meeting of 2014 here the other day at Al- Mazaya Tower 1, Al-Murqab District -Sharq, which is one of its 3 towers located at the heart of the Capital of Kuwait, where 77.72 percent of the shareholders attended the meeting. Rashid YaqoubAl-Nafisi, Chairman of the Board called the meeting to order with the presence of the shareholders, members of the board, CEO, Eng Ibrahim Abdul Rahman Al-Soqabi, a representative of the Ministry of Commerce and Industry and representatives of the Company External Auditors.
Additionally, Chiefs of the Company Divisions and investors were present along with elite media representatives from both printed and audio media in Kuwait and the GCC providing full coverage of the event. Al-Nafisi initiated the General Assembly Meeting reciting the Board of Directors Report for the Fiscal Year ending on December 31 2014 assuring that Mazaya has fulfilled its pledge taken at the end of the lapsed year maintaining steady growth resting on solid intrinsic and extrinsic strengths ultimately resulting in positive leaps in profits. The Company resumed expanding its operational performance achieving positive financial results moreover, uniquely releasing its Financial Statements prior to equivalent real-estate companies. Al-Nafisi added, Al-Mazaya successfully achieved a net profit of KD 8.09 million by the end of 2014, compared to KD 6.0 million by the end of 2013, with 13.05 fils earnings per share, compared to 9.69 fils earnings per share representing an increase of 34.7 percent by virtue of the company’s focus on operational activities; increasing the occupancy rate in its income-generating projects in Kuwait and a number of the GCC countries as the KSA and UAE, which ultimately lead to an increase of 33.7 percent in the Rental Revenues of the Company.
Speaking of the company’s Financial Results accomplished, they evidently reflect the sharp vision and strong commitment of the Company to its performance standards. The steady growth of the Company’s performance and profit lead to a considerable increase in total assets by 14.8 percent amounting to KD 261.889 million, compared to KD 228.116 million during 2013. The shareholders’ Equity added up to KD 107.755 million at the end of 2014, compared to KD 97.167 million for 2013, representing a 10.9 percent increase. The Board of Directors decided to distribute 6 percent of the paid-up capital as cash dividends; equivalent to Kuwaiti 6 fils per share to the shareholders registered as of the date of the General Assembly Meeting expressing gratitude to the distinguished shareholders. Al-Nafisi concluded stating, by the grace of Allah, Al-Mazaya is now stronger than before. He further expressed his deepest gratitude to the distinguished Board Members, all Mazaya employees, executives, administrative and technical staff for their dedicated effort contributing to the Company’s success and promised that the Company will continue to lead the real-estate sector in the region.
The Agenda of the general assembly meeting: During the meeting, Al-Nafisi presented the agenda of the Ordinary General Assembly Meeting of 2014 and the audience reviewed the Auditor’s Report and the Financial Statements of the fiscal year ending on Dec 31st 2014 and approved the same. The Board’s recommendation to distribute 6 percent of the paid-up capital as cash dividends; equivalent to Kuwaiti 6 fils per share to the shareholders registered as of the date of the General Assembly Meeting was approved as well as Board Members remuneration. The General Assembly further permitted the Chairman and the Members of the Board to trade for their own accounts or others’ accounts at any of the Company’s branches/offices. The above is in accordance with Article no 228 of the Companies Law no 25 of 2012; as well as article 20 of the Statute of the company.
Moreover, the Board was authorized to purchase or sell Company shares at no more than 10 percent of the total shares as per Article no (175) of the Companies Law no 25 of 2012, as well as the Regulations of the Capital Market Authority with regard to regulating the purchase of company shares (Treasury Shares) and utilizing the same. Finally the General Assembly approved to relief / discharge the Board Members from their legal liability of the Fiscal Year ending on December 31st, 2014; to assign or reassign the External Auditors for the Fiscal Year 2015 and to authorize the Board to determine their fees provided that the Auditors are already registered at the Capital Market Authority.
