Integrated Holding Co. General Assembly MeetingDate: June 19, 2014
The Chairman and Managing Director of Integrated Holding Company Jassim Mustafa Boodai revealed the company’s intension for listing in Kuwait Stock Exchange Market and expected that the relevant official consents would be secured within the next few months.
On the sideline of the company’s ordinary and extraordinary general assembly held with 100% quorum Boodai stated that the company has endeavored over the last few years to increase its specialized operational works through its subsidiaries in the field of logistic services, equipment rental, stevedoring and heavy lifting services in addition to transportation services and environmental works and execution of projects in the field of automation and control and automatic operation of oil and energy sectors.
Boodai added that the company intends to expand its geographic base and diversify its services in the logistic sector by increasing its regional presence and excelling in its services through its regional subsidiaries in Kuwait, Qatar and Kingdom of Saudi Arabia.
Boodai stated “The Integrated Holding Company established in 2005 with current paid up capital of KD 17.5 million has today managed to achieve growth of the value of its assets including equipment and properties up to KD 72 million as on 31st December 2013.
He pointed out that the company has achieved profitability in its financial performance throughout its operation years since its incorporation based on revenue yielding projects and operations which crowned its efforts with net profit of KD 6 million in the year 2013.
He stated that the company has managed thanks to its excellent operational performance since its incorporation to distribute cash dividends and bonus shares its shareholders at an amount exceeding 100% of its initial capital and this was rewarded with the distribution of 20% cash dividends to the shareholders listed in the company’s registers until the date of the company’s general assembly meeting in the last year 2013.
With respect to the future plans of the company, Boodai stated that Integrated Holding Company has great strategic plan under execution over the next period and expected growth of capital expenses up to KD 25 million over the years 2014 and 2015 to fulfill the requirements of the new projects under execution, in particular in the oil and energy sectors.
He added that Integrated Holding Company’s strategy includes the provision of excellent and outstanding services in comparison with other companies and exceed the clients’ expectations and the company endeavors to attain complete customer satisfaction through provision of the highest
The company’s task this also manifested in the provision of cost effective and reliable services supported with highly skilled and deviated team under the supervision of experienced management team to ensure the provision of the best services.
The company’s business includes provision of services in the oil and energy sector in addition to the special requirements for commercial and government project management. The combination of skillful manpower and latest technology has contributed to the professional execution of the assigned tasks in the best and quickest manner.
The company’s ordinary and extraordinary general assembly approved all items of the agenda including hearing the report of board of directors, report of Sharia panel and report of auditors and the financial statements of fiscal year ended on 31/12/2013.
The general assembly approved distribution of cash profit at 20% 20 fills per share at total amount of KD 3,500,000 Kuwaiti Dinars three million five hundred thousand to the shareholders listed in the company’s registers until the date of the company’s general assembly meeting.
The general assembly approved the listing of the company’s shares in Kuwait Stock Exchange Market and authorized the board of directors to take necessary action in this regard. The general assembly has elected Mr. Abdulaziz Jassim Boodai as supplementary member of the board of directors for the unexpired period of the resigned member from the board. The extraordinary general assembly also approved amendment of the company’s articles of association.
Courtesy : Arab Times