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. 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.
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 added that Al-Safat Investment Co is today at the threshold of a new phase full of challenges which require full awareness in order to provide the necessary cash flows and therefore maximize shareholders’ equity. AlTerkait stressed that the tireless efforts of the board of directors in cooperation with the executive management laid the cornerstone for the company’s start.
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.
AlTerkait thanked the Board members, the executive management and all staff for their efforts in overcoming the previous challenges and for successfully executing the plan to put the company back on the right course. He pointed out that the Board, through its futuristic outlook, is committed to the pre-set strategy of developing the company business, boosting its growth and ensuring the provision of what’s best for Al-Safat Investment Co, and its shareholders.