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The Postponed Extraordinary General Assembly has approved the following:
Clause One: Approving the amendment of Article (5) of the Articles of Incorporation and Article (4) of the Bylaws concerning the purposes for which the company was established.
Current Text:
The purposes for which the company was established are:
- Owning shares in Kuwaiti or foreign joint-stock companies, as well as owning shares or stakes in Kuwaiti or foreign limited liability companies or participating in the establishment of these companies of both types, managing them, and guaranteeing them for others.
- Lending the companies in which the company owns shares and guaranteeing them for others. In this case, the holding company’s share in the capital of the borrowing company should not be less than 20%.
- Owning industrial proprietary rights such as patents, trademarks, industrial designs, or any other related rights, and leasing them to other companies for exploitation both inside Kuwait and abroad.
- Owning movable assets and properties which is necessary to carry out its activity within the limits allowed by law.
- Exploiting the financial surpluses available to the company by investing them in financial and real estate portfolios managed by specialized companies.
The company may directly engage in the aforementioned activities in Kuwait and abroad, either originally or by agency.
The company may also have an interest or cooperate in any way with entities that carry out activities similar to its own or which assist it in achieving its objectives in Kuwait or abroad. It may establish, participate in, or purchase these entities or affiliate them with itself.
Text After Amendment:
The purposes for which the company was established are:
- Holding company activities - Code Number (642000).
- Managing its subsidiaries or participating in managing other companies in which it holds shares and providing the necessary support to them - Code Number (642010).
- Investing its funds in trading in shares, bonds, and other securities - Code Number (642020).
- Owning the properties and movable assets necessary to carry out its work within the limits allowed by law - Code Number (642030).
- Financing or lending companies in which it owns shares or stakes and guaranteeing them for others. In this case, the holding company’s share in the capital of the borrowing company must not be less than 20% - Code Number (642040).
- Owning intellectual property rights such as patents, trademarks, industrial models, franchise rights and other intangible rights, exploiting and leasing them to its subsidiaries and others - Code Number (642050).
- Owning shares on behalf of the company only - Code Number (642051).
- Holding company activities management office - Code Number (642070).
The company may directly engage in the aforementioned activities in Kuwait and abroad, either originally or by agency. The company may also have an interest or cooperate in any way with entities that carry out activities similar to its own or assist it in achieving its objectives in Kuwait or abroad. It may establish, participate in, or purchase these entities or affiliate them with itself.
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