Afaq Company for Educational Services, a Kuwaiti closed shareholding company, was established on July 19, 1993, in compliance with the Commercial Companies Law. The company's shares were subsequently listed on the Kuwait Stock Exchange on March 19, 2008. In a general assembly meeting held on February 8, 2017, shareholders approved the resolution to delist the company from Boursa Kuwait. This decision received the approval of the Capital Markets Authority on April 26, 2017, and the delisting was finalized on December 28, 2017. Afaq Company for Educational Services is registered under No. 54612 in the commercial register.
The company's activities adhere to the teachings of tolerant Islamic Sharia.
Company capital:
Regarding the company's capital, the previous authorized, issued, and fully paid-up capital of Aqaaf for Educational Services stood at KD 3,600,000, as indicated in the financial report for the fiscal year ending on August 31, 2019. This capital was distributed over 36,000,000 shares, each with a nominal value of 100 fils, and all shares were in the form of cash.
On December 16, 2019, an Extraordinary General Assembly of Afaq approved the reduction of the capital from KD 3,600,000 to KD 1,000,000. This revised capital was distributed over 10,000,000 shares, each with a nominal value of 100 fils, and all shares remained in the form of cash. Consequently, amendments were made to Article (5) of the Articles of Association and Article (6) of the Memorandum of Association pertaining to the capital.
The current authorized, issued and paid up capital of Aafaq Educational Services as stated in the Company's annual financial report for the fiscal year ended 31 August 2022 is KD 1,000,000 (KD 1,000,000 / 2021) distributed over 10,000,000 shares with a nominal value of 100 fil) per share, and all shares are cash
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