VIVA, Kuwait's mobile telecommunications service provider, yesterday held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) at the Ministry of Commerce and Industry in Kuwait.
The AGM approved the company's financial results for the year ended December 31, 2011 as well as approving the auditors' report. The AGM also approved VIVA's balance sheet and profit and loss accounts for the financial year ended December 31, 2011.
Mr. Adel Al Roumi, Chairman of the Board, said, "We are proud of the tremendous success we have achieved over the past three years, during which time the company has doubled its growth rate. We will continue to invest in our staff and in the infrastructure and technologies that have distinguished VIVA from its competitors and which have allowed us to develop so quickly. VIVA has invested in assets worth KD29m in 2011, which led to a achieving an operating revenue of KD94m (representing 188% of the company's capital) and with operating profit before the deducting the cost of depreciation, amortization expenses and financing expenses totaling KD0.5m; the company recorded a net loss of KD14m.
Regarding the listing of VIVA's shares on the Kuwait Stock Exchange, Al Roumi confirmed that the company had requested to apply for listing from the Capital Market Authority on 16 February, 2012 and has yet to receive their feedback.
Salman Bin Abdul Aziz Al-Badran, VIVA's Chief Executive Officer said: "In light of the fierce competition in the telecom sector in Kuwait, VIVA has been successful in attracting more than one million subscribers on its network in less than three years, attaining 20% of the Kuwaiti telecommunications market share by the end of 2011. I am also pleased to note that over the same period VIVA has become the second largest data service provider in Kuwait by providing 'broadband' services through various attractive and innovative smartphone packages."
"I would like to express my appreciation to all the VIVA family and our partners, customers and shareholders, who we owe our success in 2011," added Al-Badran.
Abdulaziz Abdullah Al Qatie, Chief Financial Officer said, "VIVA has exceeded its expectations in terms of attracting customers as well as its revenue. We expect to achieve continued growth in revenue, profits, and shareholders rights throughout 2012."
The Ordinary General Meeting's attendance was 50.07% of the number of ordinary shares of the company. VIVA's share subscribers have reached 930 thousand shareholders.
The General Meeting approved all points on the agenda that included:
First: Presentation of the Board of Directors report for the financial year ended December 31, 2011 and its approval.
Second: Presentation of the approved auditors' report for the financial year ended December 31, 2011 and its approval.
Third: Approval of the balance sheet and profit and loss accounts for the financial year ended December 31, 2011.
Fourth: Approval of the deal with the relevant parties involved.
Fifth: Approval of the Board of Directors' bonuses.
Sixth: Disclaimer for the Board of Directors and discharging them from everything related to their conduct for the financial year ended December 31, 2011.
Seventh: Election of Board of Directors for the second session for a period of three years.
Eighth: Appointment or re-appointment of the auditors for the fiscal year 2012, and authorize the Board of Directors to determine their fees.
The Board of Directors were nominated with a unanimous vote.
The Ministry of Commerce and Industry's representative observed that in accordance with Article 171, the company's losses have exceeded 75% of its capital therefore requiring the company to hold an Extraordinary General Meeting.
Following General Meeting, VIVA's Board of Directors held its first meeting for the second session to discuss the Board's formation, which resulted in the appointment of Mr. Adel Al Roumi as Chairman of the Board and Dr. Zeyad Al-Otaibi as Vice-Chairman.
VIVA has recorded a number of achievements this year that showcase the company's progress and growth, these include being awarded the ISO certification for the second consecutive year, following a rigorous assessment of its quality management system and services provided to clients. VIVA also launched a number of services, including: the launch of VIVA Elite, a program providing customers with personal assistant services; the launch of a new range of data roaming packages so customers can now enjoy VIVA's roaming services while travelling abroad in more than 50 countries; adding new enhancements to Kuwait's fastest internet service that delivers data at speeds of up to 42.2 Mbps; and the launch of an exclusive prepaid plan which targets the youth, allowing them to enjoy VIVA's latest telecom services at affordable prices. Source: ameinfo.com