Gazal Logistics Services and Warehousing Company held its Extraordinary General Meeting (EGM) for the financial year ended on December 31, 2020, on Thursday, November 25, 2021, and passed the following resolutions:
First: The Board of Directors’ recommendation to reduce the authorized capital from KWD 20 million to KWD 8.68 million, as follows: KWD 4.5 million of the unpaid capital, due to the incomplete capital increase, and the amortization of the total amount of accumulated losses as of December 31, 2020, amounting to KWD 6.82 million. The EGM unanimously approved this item.
Second: The Board of Directors’ recommendation to increase the authorized, issued and paid-up capital from KWD 8.68 million to KWD 12.5 million, i.e., by KWD 3.82  million at a share value of 100 fils, following two approaches: the first: the creditors’ account (the canceled subscription) amounting to KWD 1.82 million. The second: a cash capital  increase of KWD 2 million paid through payments allocated to existing shareholders. New shareholders may participate in the capital increase after the end of the legal deadline. The Board of Directors was also authorized to set the related rules and conditions, if any. The EGM unanimously approved this item.
Third: To approve the amendment of Article (6) of the Memorandum of Incorporation and Article (5) of the Company’s Articles of Association as follows: “The Company’s authorized capital of the company is set at KWD 12.5 million. The value of each share is 100 fils, and all shares are in cash. Thus, the issued capital is KWD10.5 million, the value of each share is 100 fils, and all shares are cash. The paid-up capital is KWD 8.68 million distributed over 86.8 million shares. The value of each share is 100 fils, and all shares are in cash.
Fourth: To approve reducing the number of board members from 7 to 5 members, and to amend Article (13) of the Articles of Association as follows: “The management of the company shall be entrusted to a Board of Directors consisting of (5) members appointed from the eligible candidates nominated by entities which has representation on the board, pro rata to their interest in the company. The general assembly shall elect the remaining members by secret ballot, subject to receiving all regulatory approvals.