The opening of the nomination for the company board membership including Independent Board Member for the next three-year term, for a period of two weeks starting 2nd January, 2023. Those wishing to run for the Board of Directors membership should apply to the Board Secretary at the company’s headquarters located in Sharq - Ahmed Al-Jaber Street - Al Budoor Tower - second floor, during official working hours from Sunday to Thursday from 7:30 am to 3:30 pm.
Amar Board of Directors’ (BOD) meeting no. 06/2022 was held today Wednesday, Dec. 28, 2022 at 1:30 PM, where the Board has discussed and approved the estimated budget for 2023.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 pm on Wednesday, Dec. 28, 2022 in the company's meeting room, to discuss and approve its Estimated budget for 2023, in addition to other items.
Further to our previous disclosure dated September 08, 2020, please be informed that the Court of Cassation ruled in its session on 20 December 2022 to accept appeal No 2920/2020 for partial cassation of the judgment in respect of rejecting the appeal, and obliged the Respondent to pay the court’s cost and an amount of KD 20 as attorney's fees. As for Appeal no. 4186/2015, the ruling annulled the appealed judgment and re-ruled a judgment obliging the Respondent Amar Finance and Leasing Company to pay the Claimant Company the amount of 728842.500 and to pay the court’s cost for the two degrees of litigation and KD 20 as attorney's fees. Moreover, kindly note that there is no impact on the financial position of the company as a provision of the full amount has been taken previously.
The Regional Court ruled a First Instance judgment in lawsuit No. 505/2019 in favor of Amar Finance and Leasing Company the following:
First: obligating the original first defendant to pay the amount of KD 975,000/- and legal interest an annual rate of 7% from the due date 02/03/2014 until full payment. Moreover, the court rejected all other requests and obliged the Defendant and the First Defendant to pay the case expenses equally and ordered a set-off with regard to actual attorney's fees.
Second: Accepting the subsidiary case filed by the First Defendant, in form and rejecting it on merits, and obliging the Respondent to pay the expenses thereof, and an amount of KD 200/- (Kuwaiti Dinars two hundred only) being actual attorney’s fees.
Third: accepting the subsidiary case filed by the Fourth Defendant, in form and rejecting it on merits, and obliging the Respondent to pay the expenses and an amount of KD 200/- (Kuwaiti Dinars two hundred only) being actual attorney’s fees
Amar Finance and Leasing Company announces that Mr. Mishaal Abdullah Al-Bader - Executive Vice President - Finance and Investment Department and registered with the CMA as Senior Executives has submitted his resignation from his position due to retirement, and his resignation was accepted today, November 09, 2022, and his last working day shall be on Monday, February 06, 2023.
Amar Board of Directors’ (BOD) meeting no. 05/2022 was held today Tuesday, Nov. 08, 2022 at 1:30 PM, where the Board has discussed and approved the financial statements for the period ended September 30, 2022. Moreover, the Board discussed the company’s strategy for the year 2023 and recommended to prepare an estimated budget and submit for approval.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 pm on Tuesday, Nov. 08, 2022 in the company's meeting room, to discuss and approve its financial statement for the period ending on September 30, 2022, the company’s strategy, in addition to other items.
Further to our previous disclosure dated June 29, 2021, regarding one of Amar finance and leasing company 100% owned subsidiaries which has concluded a preliminary agreement to sell an investment property for the total value of KD 1,520,000, please be informed, that all necessary legal procedures to sell the property have been completed. Accordingly the company will record a loss of KD 70,000. This impact will appear on the financial statements for the fourth quarter of 2022.
Amar Finance and Leasing Company announces that Mr. Nawaf Ali Jalloud - Sharia Audit Officer has resigned from his position. His resignation was approved on August 22, 2022, while his last working day shall be on Monday, October 31, 2022.
Amar Board of Directors’ (BOD) meeting no. 03/2022 was held today Tuesday, August 09, 2022 at 1:00 PM, where the Board discussed and Approved the financial statements for the period ended on June 30, 2022. Moreover, the Board approved updating the estimated budget by redistributing some estimated cost items to increase the cost of information systems.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Tuesday, August 09, 2022 in the company's meeting room, to discuss and approve the financial statement for the period ending on June 30, 2022 in addition to other items.
The ruling of Kuwait Society of Lawyers -Arbitration Center in lawsuit No. 27/2022 filed by AMAR against other parties regarding claiming the amount of KD 116,375, was as follows:
First: Obligating the first respondent to pay the Claimant (AMAR Finance and Leasing Company) the amount of KD 114,250 being the due amounts owed by the first respondent.
Second: Obligating the first respondent to pay KD 15,571.250 for the expenses, and arbitration fees.
The financial impact will be determined based on what is collected when the judgment is executed, as previous provisions for this indebtedness have been allocated.
Further to our previous disclosure dated June 15, 2021, regarding Case No. 16042/2019, commercial, and related to Lawsuit No. 538,537/2015, Civil /3, Please be informed that the amount of KD 86,553.794, being the legal fees and expenses for Case No. 2613/2021- commercial Cassation, have been paid, and a provision of KD 4,446.206, being the difference between the provision taken previously for the aforementioned case and the paid amount, will be reversed. This effect will be positively reflected in the financial statements for the third quarter of 2022
One of Amar Finance and Leasing Company 100% owned Subsidiaries reached a preliminary agreement to sell an investment property for the total value of KD 1,520,000. The financial impact of the transaction will be reflected in the consolidated financial statements after the completion of the deal and the legal procedures.
Further to our previous disclosure dated August 31, 2021, regarding Case No. 16042/2019, commercial, and related to Lawsuit No. 538,537/2015, Civil Cassation/3
Kindly note that the Court of Cassation has issued a judgment in respect of Case No. 2613/2021, Commercial Cassation. The Judgment ruled not to accept the appeal of cassation filed by Amar Company and obligated the company to pay the legal fees and expenses.
A new disclosure will be released later when the final amount is determined.
There is no impact on the company’s financial position, as there is a previous provision covering legal fees and expenses.
Amar Board of Directors’ (BOD) meeting no. 02/2022 was held today Wednesday, May 11, 2022 at 1:00 PM, where the Board Has discussed and Approved the financial statements for the period ended march 31, 2022.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Wednesday, May 11, 2022 in the company's meeting room, to discuss and approve its financial statement for the period ending on march 31, 2022 in addition to other items.
Further to our previous disclosure dated December 29, 2021 regarding the results of BOD meeting no. 08/2021, Kindly be advised that Mr. Muhammad Abdullah Al-Saad has started his duties as company CEO effective today, Sunday, March 06, 2022
The annual general assembly meeting for Amar Finance and Leasing Company (AGM) has been set at 10:00 am on Wednesday March 16, 2022, at Ahlia Insurance Company meeting room, 2nd floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City.
Amar Board of Directors’ (BOD) meeting no. 01/2022 was held yesterday Monday, February 21, 2022 at 1:00 PM, where the Board Has taken the following decisions :
- Approval of the financial statements for the period ended December 31, 2021
- Calling for the ordinary General Assembly meeting.
- Recommendation to amortize the accumulated losses amounting to KD (229,658) as at December 31, 2021 from the voluntary reserve.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Monday 21 February 2022 in the company's meeting room, to discuss and approve its financial statement for the period ending on December 31, 2022 in addition to other items.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Monday 21 February 2022 in the company's meeting room, to discuss and approve its financial statement for the period ending on December 31, 2022 in addition to other items.
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