Alrai Media Group
Symbol Alrai OTC Code 278 Type of Trade HYBRID
Date of last trade/ date of last hybrid deal:   11 December 2024
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Company Name Alrai Media Group
Sector Services
Sub-sector Media & Telecom
Legal form Closed Kuwaiti Shareholding Company
Company establishment date 21 December 2002
Company purpose
  • Engaging in the printing, publication, and distribution of daily newspapers, as well as the creation and transmission of audiovisual media content.
  • Investing excess financial resources in investment portfolios managed by professional portfolio managers.
  • Establishing and managing theater venues both within Kuwait and internationally, including the importation, production, distribution, exportation, leasing, and sale of various types of theatrical performances. The company is also authorized to engage in activities associated with theaters and their ancillary services, spanning entertainment and intellectual pursuits, and may collaborate with theater, parade, and musical groups both domestically and overseas.
  • Leasing out auditoriums and theater venues to both governmental and private entities, and organizing events such as concerts. Additionally, involved in the production, sale, distribution, and marketing of radio and television content, creating and selling audio and video recordings, and managing auxiliary commercial operations like shops, restaurants, cafés, and amusement facilities within theater complexes.
  • Operating and managing broadcasting outlets, undertaking publishing, distribution, media studies and research, providing advertising services, and establishing cinemas both in Kuwait and abroad. This includes the operation and commercialization of cinema venues, importation, production, and distribution of films of all genres, as well as their exportation, leasing, and sale.
  • The company is also vested with the authority to import all necessary machinery, equipment, and devices for its operations, and engage in any related activities in the realm of cinemas and their complementary services that align with educational, entertainment, and intellectual activities both locally and internationally.
Company profile
Alrai Media Group Company (K.P.S.C.), referred to as the "Parent Company," is a Kuwaiti public shareholding company established through an Emiri Decree in 2003 and registered in the Commercial Register under No. 94852 in June of the same year. The company's Board of Directors, in a meeting on July 14, 2020, resolved to initiate the voluntary delisting of its shares from Boursa Kuwait. This decision received shareholder approval at the Ordinary General Assembly Meeting on August 26, 2020, and was sanctioned by the Capital Markets Authority on October 26, 2020. The delisting process was anticipated to be finalized by April 29, 2021.
The shares of the company were officially delisted from Boursa Kuwait on April 29, 2021.

Company Capital:
As reported in the financial statement for the year ended December 31, 2020, Alrai Media Group's shareholders agreed during the Extraordinary General Assembly on August 26, 2020, to cut the authorized, issued, and fully paid-up capital from KD 23,303,860 down to KD 10,349,381. This was achieved by decreasing the share count from 233,038,601 shares at 100 fils each to 103,493,811 shares, also at 100 fils each. Consequently, 129,544,790 shares were annulled. The reduction targeted the offsetting of the accumulated losses amounting to KD 18,840,633 as of December 31, 2019, by means of:
  - A capital deduction of KD 12,954,479;  
  - The entire statutory reserve of KD 2,980,577 as at December 31, 2019; 
  - The voluntary reserve reduced by KD 2,905,577, preserving a balance equal to the treasury shares of KD 75,000 as at December 31, 2019.

This capital adjustment was documented in the Commercial Register on September 24, 2020.

Consequently, as of December 31, 2020, the authorized, issued, and fully paid-up capital stood at KD 10,349,381 (December 31, 2019: KD 23,303,860), encompassing 103,493,811 shares valued at 100 fils each (December 31, 2019: 233,038,601 shares). 
As stated in the annual financial report for the period ending March 31, 2022, the authorized, issued, and fully paid-up capital remains at KD 10,349,381, identical to the 2021 figure, disbursed over 103,493,811 shares, each valued at 100 fils.
Shareholding records Kuwait Clearing Company (KCC)
Auditor Deloitte & Touche - Al Wazzan & Co.
Date of joining the OTC Platform 09 May 2021
Type of deal HYBRID
Sharia'a compliant No
Source of Data Various credible sources
Last Updated On 23 September 2024
Location

Ardiya Stores - Block 1 - Plot 292

Tel

22244500 - 22244539

Fax

22244639

Email Address

acct@alraimedia.com

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If a company wishes to remove the available information from this website, the management of the company can do so through the provided link and by contacting Almowazi telephonically on the numbers provided on its website.

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