Al-Rakeb Petroleum & Electricity Services Company held its Extraordinary General Meeting (EGM) on Sunday, September 5, 2021, and passed a resolution to increase its authorized, issued and fully paid-up capital from KWD 2 million to KWD 2.5 million distributed over 25 million shares, valued at 100 fils per shar. Existing shareholders are eligible to participate in that capital increase through cash payment to be paid in one installment. The Board of Directors was also authorized to set the rules and regulations related to calling the capital increase.
Accordingly, Article (5) of the company’s Articles of Association and Article (6) of its Memorandum of Incorporation related to the company’s capital have been amended to read as follows: The company’s authorized capital was set at KWD 2.5 million distributed over 25 million shares. The value of each share is 100 fils. All shares are cash. The issued and paid-up capital was set at KWD 2 million distributed over 20 million. The value of each share is 100 fils. All shares are in cash.