Advance Real Estate Company held its Extraordinary General Meeting (EGM) on October 25, 2021, and passed a resolution to reduce its authorized, issued and paid-up capital from KWD 1,468,712 to KWD 750,000, i.e., by KWD 718,712, by reducing the number of issued shares from 9,791,413 shares to 5 million shares, to amortize its accumulated losses that stood at KWD 756,220 as of the financial year ended on December 31, 2020. Accordingly, it was approved to amend Article (6) and Article (5) of the company’s Articles of Association regarding the company’s capital.