The AlRaya Global Real Estate Services Company (previously known as Al-Raya Global Real Estate) was established as a closed Kuwaiti shareholding company under the regulations of the Commercial Companies Law on July 3, 2005.
The company conducts its operations in accordance with the principles and guidelines of Islamic Sharia.
Capital Structure of the Company:
At an extraordinary general assembly held on Wednesday, September 25, 2019, it was agreed to decrease AlRaya Global Real Estate Services Company's authorized and paid-up capital from KD 1.6 million (one million six hundred thousand Kuwaiti Dinars) to KD 250,000 (two hundred fifty thousand Kuwaiti Dinars). The reduction amounted to KD 1.35 million (one million three hundred and fifty thousand Kuwaiti Dinars), equaling a reduction rate of 84.375% of the previously authorized and fully paid-up capital. The shares that were reduced, totaling 13.5 million, were scheduled to be reimbursed to the company's shareholders at a nominal value of 100 fils per share, resulting in a payout of KD 1.35million in total. Furthermore, the Board of Directors was granted the authority to manage the fractional shares resulting from the capital reduction. The date for the shareholder registry closure was set on the day of the general assembly meeting for shareholders for the purpose of reduction implementation.
As reported in the company’s annual financial statement for the fiscal year ending December 31, 2019, the authorized, issued, and fully paid-up capital stood at KD 250,000 (reduced from KD 1.6 million in 2018), divided into 2,500,000 shares. Each share has a nominal value of 100 fils, and all shares are fully funded in cash.
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