The amendment included the purchase and sale of shares, securities and financial instruments for the company’s account only
– Management and operation of public telecommunication services on terrestrial broadcasting facilities via fixed line
The Extraordinary General Assembly of the Kuwait Telecommunications Company “stc”, which was held in the presence of 78.66 percent of the shareholders, agreed to add Article 60 to the Articles of Association, so that the company, based on the proposal of the Board of Directors and the approval of the Ordinary General Assembly, may distribute interim dividends at quarterly or semi-annual periods. For the validity of this distribution, it is required that they be real profits in accordance with the generally accepted accounting principles, provided that the distribution does not affect the paid-in capital.
In the extraordinary general meeting held at Olympia Tower, the shareholders also approved the amendment of Article 6 of the Articles of Association, Articles 4 and 46 of the Articles of Association, and the addition of a new Article in the Articles of Association.
The Chairman of the company’s board of directors, Dr. Mahmoud Ahmed Abdel Rahman, said that the amendment of Article 6 of the Memorandum of Association and Article 4 of the Articles of Association stipulated the provision of wireless data transmission service, international telephone communication service through special cards, marketing, rental and purchase of electronic communication devices and communication networks The Ministry of Interior, developing computer systems and software, localizing computer hardware and accessories, buying, selling, renting and installing computer systems and software, electronic communication devices and internal communication networks, marketing them, and providing their operation and maintenance services.
He pointed out that the amendment also provided for building and operating computer communication networks related to information bases, designing and equipping electronic computer centers and information systems for the company, manufacturing, producing and operating smart cards to cover demand in the field of communication and prepayment, and providing and implementing all work and networks in the field of wireless communications, and providing Technical consultancy, design, supervision, operation and maintenance of transportation and wireless communications.
And he indicated that the amendment to the two articles also included the representation of companies executing these works, bringing, importing, selling and leasing devices and equipment related to telecommunications and their spare parts, buying and selling shares, securities and financial instruments for the company’s account only, managing, operating and providing public telecommunications services on terrestrial broadcasting facilities via fixed line, and utilities Terrestrial radio broadcasting, mobile base station facilities, submarine cable facilities, international gateway services facilities, satellite earth station facilities, and other space facilities located in Kuwait that provide broadcast capabilities for public communication services.
He stated that the company may have an interest or participate in any way with the organizations that carry out business similar to its business, or that may help to achieve its purposes in Kuwait and abroad, and it may buy these bodies or attach them to them, and it may carry out complementary or necessary business or related to its purposes after obtaining the approval of the competent authorities.
Item 46 included the amendment: “Any decision issued by the extraordinary general assembly is not effective, except after taking the procedures of the month, and the approval of the ministry must be obtained if the decision is related to the name of the company, its purposes or its capital, except for increasing the capital by issuing shares in exchange for profits. achieved by the company or as a result of adding its usable reserves to the capital.”
digital payment systems
Abdul Rahman explained that the amendment to the Memorandum of Association and Articles of Association also includes the creation, management and leasing of passive infrastructure for the public telecommunications network, the operation and leasing of data centers, information centers and the cloud, and the provision and development of digital payment systems, payment services and electronic money transfer.