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Shamal Az-Zour Al-Oula Power and Water Company’s Shareholders Approve Board’s Recommendation to Issue Cash Dividends Distribution of 25 Fils per Share for 2019

Kuwait, September 17, 2020: Shamal Az-Zour Al-Oula Power and Water Company K.S.C.P. today held its 6th Annual General Meeting. Shareholders approved the Board of Directors’ recommendation to distribute cash dividends of 25 fils per share, totalling a KWD 27.5 million payout. This is the company’s first dividend issuance and relates to the retained earnings and profit for the period from 2017 to 2019.

Shareholders also approved the transfer of 10% to the statutory reserve in the total amount of KWD 1,311,849 (representing KWD 1,230,123 reflected in the financial statements in addition to an additional adjustment amount of KWD 81,726 relating to prior years). Shareholders discussed Board compensation, and approved the Board’s recommendation to not remunerate Board members for the fiscal year ended on 31 December, 2019. The Board of Directors was elected for a period of three additional years.

In August 2020, the company debuted 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 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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