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Shamal Az-Zour Al-Oula Power and Water Company Holds Extraordinary General Meeting


Shareholders Approve Board’s Recommendation to Increase Board Seats From Five to Seven

Kuwait, February 21, 2021: Today, Shamal Az-Zour Al-Oula Power and Water Company K.S.C.P. held an Extraordinary General Meeting (EGM). The company’s shareholders approved the Board of Directors’ recommendation to amend Article (16) of the company’s Articles of Association to increase the number of board seats from five to seven.

Agenda for the Company’s Extraordinary Shareholders General Assembly Meeting:

  1. Consider approving the proposed amendment of Article (16) of the Articles of Association of the company to increase the number of directors from five to seven. 
Article (16) of the Articles of Association Before AmendmentArticle (16) of the Articles of Association After  Amendment
The company shall be managed by a board composed of (five) members. Each shareholder, whether an individual or a corporate entity, including the Kuwaiti Government, local and foreign companies, may appoint representatives on their behalf on the Board of Directors, proportional to their shareholding interest in the capital of the company. The General Assembly shall elect the remaining members via an anonymous poll, all per the provisions of the Kuwait Companies Law No. (25) of 2012. The company shall be managed by a board composed of (seven) members. Each shareholder, whether an individual or a corporate entity, including the Kuwaiti Government, local and foreign companies, may appoint representatives on their behalf on the Board of Directors, proportional to their shareholding interest in the capital of the company. The General Assembly shall elect the remaining members via an anonymous poll, all per the provisions of the Kuwait Companies Law No. (1) of 2016.

In August 2020, the company was listed on Boursa Kuwait’s Premier Market. The company is the first power generation and water desalination company to list on the exchange. The listing followed the successful distribution of 50% of the company’s shares to Kuwaiti citizens in November 2019. The remaining 50% of shares are owned by different public and private entities and is as follows: 40% is owned by a private investor, Azour North One Holding Company K.S.C.C., which is owned by a consortium comprising ENGIE, Sumitomo Corporation, and A.H. Al Sagar & Brothers; 5% is owned by the Kuwait Investment Authority and 5% by the Public Institution for Social Security.

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