Kuwait Telecommunications Company – stc, a world-class digital leader providing innovative services and platforms to customers, enabling the digital transformation in Kuwait, held an Extraordinary General Assembly (EGM) to discuss items on the agenda in the presence of a quorum of %78.669 shareholders. All items presented on the agenda were approved during the EGM which was held at stc’s headquarters in Olympia Mall, which included amendments to Article (6) of the Memorandum of Association, Article (4) of the Articles of Association, and Article (46) of the Articles of Association, as well as adding a new article to the Articles of Association.
Dr. Mahmoud Ahmad Abdulrahman, Chairman of stc, stated “The amendment to Article (6) of the Memorandum of Association and Article (4) of the Articles of Association included: Provide wireless data transfer service; provide international telecommunication services through private cards; Marketing, leasing and purchasing telecommunications and electronic equipment and local area networks (LAN), development of computer systems softwares, applications and arabization of the systems and its accessories; selling, purchasing, leasing and installation of systems and programs of computer systems, telecommunication and electronic systems and local area networks including marketing and provide its managed services and maintenance; building and operating cloud telecommunication networks connected to databases; designing and equipping computer centers and information systems for the company. Additionally, Smart cards manufacturing, production and operating to cover the communications and prepaid demand; provide and execute all work kinds and networks for wireless communications fields; provide technical consultations, designing, supervision, operating and maintenance for transportation and wireless communications and representing the companies executing these works; supplying, importing, selling and leasing telecommunication equipments and tools and spare parts; purchasing and selling stocks, securities and financial instruments as company restricted; administer, operate and provide public telecommunications on:
- Terrestrial Broadcasting Facility through fixed lines
- Radio broadcasting Terrestrial facilities.
- Mobile main stations facilities.
- Submarine cables facilities.
- International gateway services facilities.
- Satellite/Vsat Earth station facility
- Other space/ Satellite facilities existing in the State of Kuwaiti providing general communication broadcasting Capabilities.
He added, “In addition to that: install, manage and rent passive infrastructures for communication networks; operate and rent data centers and information and cloud centers; provide and develop digital E-payment systems, and E-payment and Electronic Money Remittances; The company has also the right to partner or associate locally or internationally with other parties/entities of a same or similar business nature after obtaining the needed approvals from the concerned authority parties.
The amendment to Article (46) of the Articles of Association included “Every resolution issued by the Extraordinary General Assembly shall not be effective unless after the notarization procedures. The Ministry approval should be secured if the resolution is related to the Company name, purposes or capital except the increase of the capital through the issue of shares for profits achieve by the Company or as a result of addition of the usable reserves to the capital.”
The new article added, Article (60) of the Articles of Association stated that upon the suggestion of the Board of Directors and subject to the General Assembly approval, the Company may pay out interim quarterly or semiannual dividends according to the general acceptable accounting principles (GAAP) and without prejudice to the paid-up capital. The Ordinary General Assembly may authorize the board to pay out the interim dividends as indicated above without prejudice to the paid-up capital.
Source: stc Press Release