United Capital Transport Company held its Extraordinary General Meeting (EGM) on Sunday, August 1, 2021, and passed a resolution to amortize part of the total accumulated losses in the amount of KWD 902,658 out of the total accumulated losses amounting to KWD 1,515,518 as of March 31, 2021, according to the company’s audited financial statement. Consequently, the entire statuary reserve in the amount of KWD 902,658 will be fully drawn. The balance of the above accumulated losses after amortization will be a loss in the amount of KWD 612,860. The EGM also passed a resolution to reduce the company’s capital from KWD 5,000,000 to KWD 2,800,000, i.e., a reduction of KWD 2,200,000 or 44%. The reduction shall be as follows: - Amortizing the accumulated losses in return for reducing the capital by KWD 612,860 equivalent to 6,128,600 shares, representing 12.26% of the company’s share capital. - Capital reduction through the distribution of a cash amount of KWD 1,587,140 equivalent to 15,871,400 shares, or 31,74% of the company’s share capital. Accordingly, it was approved to amend Article (6) of the Memorandum of Incorporation and Article (5) of its Articles of Association related to capital to reflect the following: The Company’s authorized, issued and paid-up capital was set at KWD 2,800,000 distributed over 28,000,000 shares. The value of each share is 100 fils. All shares are fully paid in cash, subject to receiving the required approvals from competent authorities.