Al-Safat Investment Co AGM approves relisting on Boursa
KUWAIT: Chairman of Al-Safat Investment Co Abdullah Hamad AlTerkait stressed that the company is on the verge of a new phase of development and growth, in light of the balanced strategy it employs.
Al-Safat Investment Co holds annual general meeting.
AlTerkait said that the Board of Directors spared no effort in cooperating with the executive management to relist Al-Safat Investment shares in Boursa Kuwait, particularly after bringing the company affairs in line with the relevant regulatory prerequisites and terms.
AlTerkait praised the cooperation of the relevant regulatory authorities represented by Ministry of Commerce and Industry, Capital Markets Authority and Boursa Kuwait, noting that the efforts of these entities is of great help to companies in achieving the equation of preserving both their capabilities and shareholders’ equity.
Abdullah Hamad AlTerkait
AlTerkait made these comments during the meeting of Al-Safat Investment Co general assembly which included discussion of the company relisting in Boursa Kuwait as a first step in the relevant mandatory arrangements and procedures, particularly after the upgrade of Boursa Kuwait to Emerging Market status.
He welcomed shareholders and attendees and said: “Today marks a historic date in the evolution of Al-Safat Investment Co, bringing to a close an eventful phase of various financial settlements and assets restructuring which included liquidation of some entities and exiting others.”
He said that those efforts were effective in setting Al-Safat Investment Co on the road of a new phase of success, development and competition imposed by the state of the market. He pointed out that the decision of the Court of Cassation concerning the Wakala Investment Contract with Qatar National Bank was highly fruitful as a result of those efforts, especially that the case had been before the courts for over ten years.
He expected the decision to reflect positively on the company’s operational activities and its profitability, therefore achieving its desired goals, namely maximizing assets and boosting shareholders’ equity. Shareholders praised and approved the relisting of Al-Safat Investment Co’s shares in Boursa Kuwait in accordance with the set terms.
