United Housing Company held its Extraordinary General Meeting (EGM) on Tuesday, December 7, 2021, and approved the Board of Directors’ recommendation to reduce the authorized, issued, and paid-up capital by KWD 5 million, from KWD 10 million to KWD 5 million, as follows:
1-Reducing the capital by KWD 726,203 to amortize the remaining amount of the accumulated losses as of December 31, 2020, after using the entire statutory reserve. 
2-Reducing the capital by KWD 4,273,797 in surplus, to be distributed to shareholders, pro-rata to their interest in the capital.
The Board of Directors was authorized to dispose of the fractional shares, if any. Accordingly, it was approved to amend Article (6) of the Memorandum of Incorporation and Article (5) of its Articles of Association as follows: The Company’s authorized, issued, and paid-up capital has been set at KWD 5 million distributed over 50 million shares, at a nominal value of (100) fils per share, and all shares are in cash.