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01 january 2014
Home > Issuers > Listed Securities > Securities > Company Profile Page

Hits Telecom Holding K.S.C. Closed

HITSTELEC
0.589
-0.005
-0.840%
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  • Market: DFM
  • Symbol: HITSTELEC
  • Sector: Telecommunication

Company Brief

Country of Origin: Kuwait

Hits Telecom Holding Company – K.S.C. (Holding) – was incorporated on May 22, 1999 in accordance with the Commercial Companies’ Law of 1960 article No. 15, and its subsequent amendments. The patent company’s shares are listed on Kuwaiti Stock Exchange Market.

The parent company’s main objectives are: owning shares in Kuwaiti and Non-Kuwaiti shareholding companies and owning shares or quotas in Kuwaiti and Non-Kuwaiti limited liability companies or participating in establishing, managing and sponsoring both kinds of companies to others related to communications segment only; lending companies in which it holds shares and guaranteeing them to others, providing that the holding company’s ownership percentage in the share capital of the borrowing company must be at least 20%; owning industrial property rights of patents or industrial trademarks, or industrial charges or any other rights relating thereto, and leasing to other companies for utilization inside or outside the State of Kuwait related to communications segment only; holding movables and real estate necessary to initiate its activity in accordance with the Law; utilizing the surplus funds by investing them in investment portfolios managed by specialized companies and institutions.

The parent company has the right to participate and subscribe in any way, in other firms or institutions which operate in the same field or those which would assist in achieving its objectives in Kuwait or aboard and to establish, participate or purchase these firms or institutions or join them.

Key Facts

ESTABLISHED

May 22, 1999

AUDITOR

1.Rödl Middle East - Burgan International Accountants
2.Kuwaiti Accountant Auditing - A member of H.L.B International

FISCAL YEAR END

DECEMBER

REGISTRAR

AL MADINA

Board Members

CHAIRMAN

Mr.Saad N AlBarrak

DEPUTY
Mr.AbdulMuhsen SH H Ali

 
MEMBERS

Sheikh. Ahmed Dawould Salman Al-subah
Mr. Mohamed ghazi Mahmoud Sadiah  
Dr.Sarah DHA AlShamali

Top Management

CHIEF EXECUTIVE OFFICER

Mr. Sameh Mishreky

 

CHIEF FINANCIAL OFFICER

Mr. Maher Mazied

LEGAL CONSULTANT

Mr. Ahmed Essmat

Equity Profile

DATE OF LISTING

Dec 23, 2009

SECTOR

Telecommunication

AUTHORIZED CAPITAL:

87234161.00 K.D

ISSUED SHARES

872,341,610.00

PER VALUE SHARE

0.10 K.D

Subsidiaries

Qanwat Kingdom of Saudi Arabia 100.00 %
Elite tele. Communication services for general trading Kuwait 99.00 %

Contact Details

Head Office

KUWAIT

Address

Murgab, Soor Street, Jasem AlAsfour Tower 19th Floor, PO Box 2799 Safat, 13028, Kuwait

Phone No.

+9652 296 0754

Fax No.

+9652 296 0990

Email address:

hitstel_info@hitstelecom.net

Website

www.hitstelecom.net

Showing Last 10 Disclosures - HITSTELEC View all
HITSTELEC 12-07-2017 08:19 AM

Minutes of General Assembly

2 File(s)
HITSTELEC 11-07-2017 08:38 AM

Disclosure of material information

1 File(s)
HITSTELEC 10-07-2017 08:13 AM

Resolutions of General Assembly

1 File(s)
HITSTELEC 18-06-2017 02:49 AM

General Assembly date

1 File(s)
HITSTELEC 16-05-2017 10:04 AM

Financial statements for the 1st QTR of 2017

1 File(s)
HITSTELEC 16-05-2017 09:13 AM

Interim condensed consolidated financial statements for the 1st QTR of 2017

1 File(s)
HITSTELEC 16-05-2017 07:19 AM

Results of BOD meeting including preliminary financial results for the 1st QTR of 2017

1 File(s)
HITSTELEC 11-05-2017 08:11 AM

BOD meeting

1 File(s)
HITSTELEC 10-04-2017 10:58 AM

Consolidated financial statements for the year 2016

1 File(s)
HITSTELEC 02-04-2017 08:24 AM

Results of BOD meeting including preliminary financial results for the year of 2016

1 File(s)
Showing Last 10 Issuer News - HITSTELEC View all
No data could be found.
Showing Last 10 Financial Reports - HITSTELEC View all
HITSTELEC 16-05-2017 10:04 AM

Financial statements for the 1st QTR of 2017

1 File(s)
HITSTELEC 31-03-2017 10:30 AM

Financial statements for the year of 2016

1 File(s)
HITSTELEC 30-06-2016 12:36 AM

Financial statements for the 2nd QTR of 2016

1 File(s)
HITSTELEC 14-05-2016 04:13 AM

Financial statements for the 1st QTR of 2016

1 File(s)
HITSTELEC 11-04-2016 03:30 AM

Financial statements for the year of 2015

1 File(s)
HITSTELEC 12-11-2015 03:08 AM

Financial statements for the 3rd QTR of 2015

1 File(s)
HITSTELEC 16-08-2015 03:30 AM

Financial statements for the 2nd QTR of 2015

1 File(s)
HITSTELEC 25-05-2015 04:00 AM

Financial statements for the 1st QTR of 2015

1 File(s)
HITSTELEC 01-04-2015 04:00 AM

Financial Statements for the year 2014

1 File(s)
HITSTELEC 01-12-2014 03:30 AM

Financial Statements for the 3rd QTR of 2014

1 File(s)
Showing Last 10 General Meetings - HITSTELEC View all
Meeting Date/TimeJun 01, 2016 12:15:00 PMType of MeetingExtraordinary Meeting
Net Profit/Loss(5,682,367)Cash Dividend
Bonus Share
Announcements/Resolutions

1. The addition of a new article on the Memorandum of Association and Articles of Association has unanimously approved.

2. The Company may buy and sell shares (Treasury Shares) not to exceed ten percent (10%) of the number of its issued shares at their market value  according to the provisions of the Executive Regulations of Law No. 7 of 2010 on the establishment Capital Market Authority as amended.


Last Date For Dividend EntitlementEx-Dividend Date
Register Closing (Settlement) DateTrading Suspension Date
Trading Resuming DateDividends Payment Date
Payment EntityMeeting Venueshareq -Ahmed Aljaber St. Alawadi Tower
1 File(s)
Meeting Date/TimeMay 18, 2016 11:30:00 AMType of MeetingAnnual General Meeting
Net Profit/Loss(5,682,367)Cash Dividend
Bonus Share27%
Announcements/Resolutions

Approved by whole the BOD Financial Report for the ended of 31/12/2015.

Approved by whole the Auditor’s Report for the ended of 31/12/2015.

Approved by whole the Shari'a Report for the ended of 31/12/2015.

hearing the statement of sanctions and irregularities : Mr./ Badr Hassan Yousef stated - that there are no sanctions or irregularities have been issued by the regulators bodies against the company.

Afterthe Recitation of the representative of the Ministry of Commerce and industryon the irregularities that have been issued by the Ministry of commerce andIndustry.

 

The Hearing & Unanimously approval for the discussion on the financial statements for the year ended December 31, 2015

The irregularities that have been issued by the Ministry of commerce and Industry represented in:

violation of Hits to the provision of Article (206) of the Companies Act promulgated by Decree Law No. (1)

for the year 2016 in the submission of financial statements and the announcement for the general assembly:

The company Response :

The company's management will work to avoid this observation in the future. They  refer the delay in callingon the General Assembly As the company being a public and traded on the Kuwait Stock Exchange which keep it under the Governance of multiplicity of the supervisory authorities, with much of requires and approval of Kuwait Stock Exchange ,and the Capital Markets Authority, the Ministry of Commerce and Industry

The company also mentioned that : Its  financial statements and disclosures throughthe Kuwait Stock Exchange was within the time limit set by said law violationof the company to own Kuwaiti companies for 100% ownership

The company Response:

According to the note (5) contained the audited financial statements , we did not find any reference to ownership of 100% in Kuwaitis entities noting that the company's ownership in the Kuwaiti subsidiary company amounting to 99% and that, was clear as set in the Financial audited reports  and Memorandum of Association of the company reservations Sharia Supervisory Board:

The Company management will try to work to avoid such violation in the future, the violation was resulted when one of its  subsidiary has issued financial guarantee Through  a conventional banks for its operations in the State of Kuwait and it was necessary for its activities , which resulted inincurring charges of 5006 KD

Approved by whole not to distribute dividendfor the fiscal year ended 31/12/2015.

Approved by whole Not to Pay BOD Remunerations.

Approved by whole to buy or sale the company shares (treasury stock) not to exceed 10%of the outstanding shares as declared in the provision of article no 7 year 2010 of the company act promulgated .

THE RELATED PARTIES TRANSACTIONS FOR THE YEAR ENDED AT 31/12/2015 HAS BEES APPROVED BY THE MAJOIRTY OF  61.97% Also the approval for Related parties transactions will be proceed on Year 2016 has been obtained

The majority of 61.97% has Discharged the Board of directors Members for  monetary and legal acts liabilities over  the year endedat 31/1202015

Election of new board of directors of the company for the next three years, as follows:

Dr.Sarah Ali AL-Shemali.

DevelopFor General Trading & Contracting Co.

TatweerCapital Real Estate Co.

Al-Sari National Genaral Trading &Contracting

Stone Energy CO.

Reappoint the Auditors for the financial year ended 31 December 2016.

Mr.Ali Abdualrahman Alhasawi (Rodl Middle East- Burgan International Accountants )

Adel AL Sanea (Kuwaiti Accountant Auditing A member of H.L.B International).

Reassign of Sharia Committee members for financial year ended 31 December 2016.

M/Raqaba Global For Sharia Consultation.


Last Date For Dividend EntitlementWednesday, January 02, 2008Ex-Dividend DateSunday, June 22, 2008
Register Closing (Settlement) DateTuesday, June 24, 2008Trading Suspension Date
Trading Resuming DateDividends Payment DateTuesday, September 30, 2008
Payment EntityKCCMeeting Venueshareq -Ahmed Aljaber St. Alawadi Tower
1 File(s)
Meeting Date/TimeMay 19, 2015 10:30:00 AMType of MeetingAnnual General Meeting
Net Profit/Loss(5,570,702)Cash Dividend
Bonus Share
Announcements/Resolutions1. Approval on the proposal submitted by the Board not to declare any dividends for the year ended 31st Dec. 2014.

2. Shareholders approved the re-appointment of the external Auditors Mr. Ali Abdel Rahman Al-Hassawi, Rodel Middle East, and Mr. Adel Mohamed Al-Sanaa Mohasib Al-Kuwaiti Auditors.

3. The Shareholders approved the Re-appointment of Sheikh Dr. Abdel BariMohamed Ali Mishaal and Sheikh Mohamed Fouad Al-Bader and Sheik Uquian OsmanAl-Wakiyan from Riqaba International for Sharia Consultancy.

4.  Approval of the board proposal not to pay any remuneration to the board of Directors for the year ended 31st Dec. 2014.
Last Date For Dividend EntitlementEx-Dividend Date
Register Closing (Settlement) DateTrading Suspension Date
Trading Resuming DateDividends Payment Date
Payment EntityMeeting VenueSharq - Ahmed Al Jaber Street - Dar Al Awadi Complex - Commercial First Floor
1 File(s)
Meeting Date/TimeMay 28, 2012 12:00:00 PMType of MeetingAnnual General Meeting
Net Profit/Loss(2,364,915) KDCash DividendN/A
Bonus ShareN/A
Announcements/ResolutionsApproved the Board of Directors Report for the financial year ended 31/12/2011 Adoption of the Report of the Fatwa and Shari'a Supervisory Board for the financial year ended 31/12/2011 Ratification of the auditors' report for the financial year ended 31/12/2011 When the financial statements for the fiscal year ending 31/12/2011 Approval of the Board's proposal not to distribute dividends for the financial year ended 31/12/2011. Approved the recommendation of the Board of Directors not to exchange Directors' remuneration for the financial year ended 31/12/2011 Renew the mandate of the Board of Directors to purchase or sell shares of the company not to exceed 10% of its shares in accordance with the Decree Law No. 132 of 1986 and the decision of the Ministry of Trade and Industry No. 10/1987 issued in implementation thereof. Authorize the Board of Management at Balkien instruments and the issuance of bonds, either in Kuwaiti Dinars or other currencies in accordance with the provis
Last Date For Dividend EntitlementN/AEx-Dividend DateN/A
Register Closing (Settlement) DateN/ATrading Suspension Date28/05/2012
Trading Resuming Date28/05/2012Dividends Payment Date
Payment EntityMeeting VenueSharq - Ahmed Al Jaber Street - Dar Al Awadi Complex - Commercial First Floor
1 File(s)
Meeting Date/TimeMay 29, 2011 12:00:00 AMType of MeetingAnnual General Meeting
Net Profit/LossKD (3,723,761)Cash Dividend
Bonus Share
Announcements/Resolutions- Approved BOD & auditors reports for the year ended 31/12/2010 - Approved the Fatwa and Sharia Authority Report for the year ended 31/12/2010 - Approved the financial statements for the year ended 31/12/2010 - Approved not to distribute dividends for the year ended 31/12/2010 - Approved to remunerate its BOD members for the year ended 31/12/2010 - Approved to re-delegate its BOD to buy 10% of the company’s shares - Approved to delegate its BOD to enter into transactions - Discharged & released the BOD members from liabilities during the year ending 31/12/2010 - Approved to appoint Roodle Office International Auditors (Ali Al Hassawi & Partners) & HLB Kuwaiti Auditor as auditors for the year 2011 & delegated its BOD to determine their remuneration - Approved to appoint the members for Fatwa & Sharia Authority & delegated its BOD to determine their remuneration
Last Date For Dividend EntitlementEx-Dividend Date
Register Closing (Settlement) DateTrading Suspension Date
Trading Resuming DateDividends Payment Date
Payment EntityMeeting VenueAhmed Al Jaber St, Dar Al Awadhi Complex, 1st Commercial Floor
Meeting Date/TimeJul 01, 2010 12:30:00 PMType of MeetingExtraordinary Meeting
Net Profit/LossKD (2,718,798)Cash Dividend
Bonus Share
Announcements/ResolutionsApproved Causing the necessary amendments on Article of Association
Last Date For Dividend EntitlementEx-Dividend Date
Register Closing (Settlement) DateTrading Suspension Date01/07/2010
Trading Resuming Date04/07/2010Dividends Payment Date
Payment EntityMeeting VenueCompany’s main building
Meeting Date/TimeJul 01, 2010 12:30:00 PMType of MeetingAnnual General Meeting
Net Profit/LossKD (2,718,798)Cash Dividend
Bonus Share
Announcements/Resolutions- Approved Directors, Shari Supervisory & the auditor’s report for the year ended 31/12/2009 - Approved balance sheet and the profit & loss statements of the company for the year ended 31/12/2009-Approved to transact with related parties - Authorize BOD to buy back 10% company’s shares –- Absolved the members of the Board of Directors from responsibilities for the year ended 31/12/2009 – re-appointed auditors for the Financial Year 2010 and approved their fees – Approved not to distribute any profits –- Approved electing BOD members for the next three years - Approved the decision of cancelling the remuneration of BOD for the year ended 31/12/2009 – Approved issuing Sukuk – Approved the resignation of the current BOD - appointed or re-appointed Sharia Supervisory for the Financial Year 2010 and approved their fees
Last Date For Dividend EntitlementEx-Dividend Date
Register Closing (Settlement) DateTrading Suspension Date01/07/2010
Trading Resuming Date04/07/2010Dividends Payment Date
Payment EntityMeeting VenueCompany’s main building
Top ShareholdersLast Refreshed at:
No data could be found.
Foreign Investments View all
National GCC Arab Other Nationalities
Country of Origin Actual Permitted Actual Permitted Actual Permitted Actual Permitted As of Date:
KUWAIT 45.08% 100% 35.82% 100% 15.18% 49% 3.92% 49% 20-07-2017
Showing Last 10 Corporate Governance Reports - HITSTELEC View all
No data could be found.
No data could be found.
Disclaimer
  • Ownership percentage is subject to change based on several reasons including the following:
    1. Trading activity.
    2. Off-Market Transactions such as family and inheritance transfers.
    3. Changes in the nationality status of investors.
    4. Securities deposits and withdrawals to and from DFM for Dual listed companies.
    5. Capital increase by issuing new shares to a strategic investor.
    6. Converting Bonds into shares.
    7. Equity added to the equity of the associated group.
    8. Direct Deals.

 

Percentages are updated daily after 4 pm
Disclaimer
The above published Ownership Percentages:
  • Are updated daily at the end of every trading day based on date of trade and not settlement date.

  • The ownership percentages are rounded off to 2 decimal places

  • Ownership percentages are subject to change due to the following:

    1. Trading activities.

    2. Off-Market Transactions such as family and inheritance transfers.

    3. Changes in the nationality status of investors.

    4. Securities deposits and withdrawals to and from DFM for Dual listed companies.

    5. Capital increases, by issuing new shares to Strategic investor

    6. Converting bonds or Sukuk into shares.

    7. Changes of associated group’s ownership.

    8. Direct Deals. (The ownership percentage is changed immediately after the execution of the deal).

    9. Failed trade settlement.


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The information provided in this document is only available in Arabic due to the (Dubai court attestations only being in Arabic herein after referred thereto as (“Information”) is provided by way of general information and comment only. While reasonable care has been taken in producing this Information, changes in circumstances may occur at any time and may impact on the accuracy of the Information. The Information does not constitute professional advice or provision of any kind of services and should not be relied upon as such.  Dubai Financial Market (“DFM”) and/or its affiliates, officers or employees,  does not give any warranty or representation as to the accuracy, reliability, timeliness or completeness of the Information now or in the future. DFM shall not be liable for any loss suffered, directly or indirectly by any person acting in reliance upon the Information contained herein. 


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