Boubyan Takaful Insurance Company held its Extraordinary General Meeting (EGM) on Tuesday, December 14, 2021, and passed a resolution to increase its authorized, issued, and paid-up capital by 8.9 million, from KWD 10 million to KWD 18.9 million. Each share is valued at 100 fils,  a one-time cash payment. This capital increase is allocated to shareholders registered in the company’s records as of the EGM’s date The board of directors is authorized to set the conditions, controls, and rules of the capital increase, as well as calling the capital and disposing of the fractional shares, if any. The value of the increase shares shall be paid in cash and in one lump sum without charging a premium.
The capital increase is allocated to existing shareholders. New shareholders may participate in the capital increase after the deadline. Accordingly, Article (6) of the Memorandum of Incorporation and Article (7) of its Articles of Association were amended as follows: The Company’s authorized and issued capital has been set at KWD 18.9 million distributed over 189 million shares. The value of each share is (100) fils, and all shares are in cash. The Company’s paid-up capital has been set at KWD 10 million. All amendments are subject to the receiving regulatory approvals.