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The Postponed Ordinary General Assembly approved the partial offset of accumulated losses full balance amounting to KD 24,245,118 as included in the audited consolidated financial statements for the fiscal period ended 30/06/2023, through:
1) Reducing the Statutory Reserve balance by KD 937,755
2) Reducing the entire Share Premium balance amounting to KD 8,826,198.
That shall result in a remaining accumulated losses balance amounting to KD 14,481,165.
The Extraordinary General Assembly has approved the following:
First: Approving the reduction of the Company's Share Capital.
The postponed Extraordinary General Assembly approved the reduction of the Company’s authorized, issued and paid-up share capital from KD 62,955,981.600 (sixty-two million, nine hundred and fifty-five thousand, nine hundred and eighty-one Kuwaiti Dinars and 600 fils) to KD 48,474,816.600 (forty-eight million, four hundred and seventy-four thousand, eight hundred and sixteen Kuwaiti Dinars and 600 fils) in order to offset the remaining balance of accumulated losses amounting to KD 14,481,165 as of 30/06/2023, after full utilization of the Share Premium balance and partial utilization of Statutory Reserve balance, where the capital will be reduced according to the dates specified in the timetable mentioned within the Corporate Action Disclosure form (attached), which was approved by the postponed Extraordinary General Assembly, where (the record date) was set on 05/11/2023 and the date of 06/11/2023 was set as (the payment date) while authorizing the Board of Directors to amend the timetable referred to there in as may be required and act as deemed necessary with regards to the shares’ fractions.
Second: Approving the amendment of Article (5) of the Company’s Memorandum of Association and Article (6) of the Articles of Association.
Current Text:
The authorized, issued and paid-up share capital of the company has been set at KD 62,955,981.600 (sixty-two million, nine hundred and fifty-five thousand, nine hundred and eighty-one Kuwaiti Dinars and 600 fils) distributed over 629,559,816 shares (six hundred twenty-nine million, five hundred and fifty-nine thousand, eight hundred and sixteen shares) with value per share of 100 fils, and all shares are in cash.
Modified Text:
The authorized, issued and paid-up share capital of the company has been set at KD 48,474,816.600 (forty-eight million, four hundred and seventy-four thousand, eight hundred and sixteen Kuwaiti dinars and 600 fils) distributed over 484,748,166 shares (four hundred and eighty-four million, seven hundred and forty-eight thousand, one hundred and sixty-six shares) with value per share of 100 fils, and all shares are in cash.
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Disclosure updates
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