Al-Aman Holding Company held its Extraordinary General Meeting (EGM) on Sunday, September 19, 2021, and passed a resolution to reduce its authorized, issued, and paid-up capital from KWD 1 million to KWD 250,000 as per the following order:
First: KWD 558 to amortize the remaining balance of accumulated losses as of December 31, 2020, after using the entire statutory and voluntary reserve by eliminating 5,580 shares of the capital, and authorizing the Board of Directors to dispose of fractional shares (if any).
Second: KWD 749,442 in cash payment representing 74.944% of the outstanding capital to be paid to shareholders, pro rata to their interests in the capital, in return for eliminating 7,494,420 of their shares’ nominal value.
Accordingly, Article (6) of the company’s Memorandum of Incorporation and Article (5) of its Articles of Association were amended as follows: The company’s authorized, issued, and paid-up capital was set at KWD 250,000 distributed over 2.5 million shares. The value of each share is 100 fils. All shares are cash shares.