The Sultan Center Food Products Co. announced that it has held its regular Annual General Meeting of shareholders on Thursday 12 June 2014 with attendance of 65.15% of shareholders. The meeting discussed and approved all items on the agenda including the review of the board of directors’ report, external auditors report, and the review and approval of the financial statements for the year ending 31 December 2013.
Sultan Center’s Chairman and Group Managing Director Ayman Sultan addressed the shareholders saying “TSC has responded to the challenges of the global economic downturn by adopting a turnaround strategy aiming at transforming our business model and improving our financial and operational performance. All while maintaining focus on core operations and delivering on our mission “to be the customer’s preferred choice”. The 2013 results are a clear indicator of the success of our strategy as we continue to deliver consistent growth in sales and profits year after year”.
The Sultan Center has expanded its operations in Kuwait, Jordan, Lebanon, Bahrain and Oman by opening 7 additional stores in 2013 and is consistently looking for and studying further expansion opportunities.
Ayman Sultan concluded “Going forward, TSC is focused on completing the restructuring of its business model and financials. We aim at having a healthy balance sheet of active assets that are generating value, while reducing debt exposure and dues to suppliers. We are confident that this is the right path for TSC to deliver sustainable growth and value to shareholders and to continue a successful and trusting relationship with our bankers and suppliers”.
The Sultan Center Food Products Co. KSC (KSE: SULTAN) is a regional conglomerate in retail, restaurants, distribution, real estate, telecom, and security services with revenues over US$1 billion. TSC is Kuwait’s largest independent retailer and supplier of grocery items, fresh food, and general merchandise, with operations across the Gulf and Middle East region. Each week, more than 600 thousand customers visit our 63 stores and 21 restaurants in Kuwait, Bahrain, Oman, Jordan and Lebanon, where our 10 thousand associates provide unrivalled service, quality and range of products to make TSC “the customer’s preferred choice”.