Page 55 - FS-Q2-2023-EN

AL-MAZAYA HOLDING COMPANY - K.S.C. (PUBLIC) AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2023
(All amounts are in Kuwaiti Dinar)

The Parent Company’s Board of Directors meeting, held on August 10, 2023, proposed to set-off the accumulated
losses amounting to KD 24,439,934 after calculating the impact of dividends approved by the Parent Company's
General Assembly held on August 3, 2023 as follows:
- Reducing the full balance of share premium by an amount of KD 8,826,198.
- Reducing the balance of statutory reserve by an amount of KD 1,132,571.
- Reducing the share capital by an amount of KD 14,481,165.

Accordingly, the Board of Directors recommended reducing the Parent Company’s shares capital from 629,559,816
shares to 484,748,163 shares by cancelling 144,811,653 shares with nominal value of 100 fils per share with an
equivalent decrease in the amount of KD 14,481,165. These proposals are subject to the approval of the Shareholders’
General Assembly of the Parent Company and the relevant regulatory authorities.

The Annual General Meeting of the Shareholders held on March 16, 2023, has approved the consolidated financial
statements of the Group for the year ended December 31, 2022 and approved the following items:
 Not to distribute cash dividends or bonus shares for the year ended December 31, 2022.
 Not to pay Board of Directors remuneration for the year ended December 31, 2022.
 To offset the entire accumulated loss balance amounted to KD 9,095,362 as at December 31, 2022 against reducing
the balance of the share premium from KD 17,921,560 to KD 8,826,198.

The Annual General Meeting of the Shareholders held on March 17, 2022, has approved the consolidated financial
statements of the Group for the year ended December 31, 2021, and not to distribute cash dividends or bonus shares
and not to pay Board of Directors remuneration for the year ended December 31, 2021.

51