Khalid Al-Zayd Al-Khalid Real Estate Company held its Extraordinary General Meeting (EGM) on Wednesday, 12 January 2022, and passed a resolution to reduce the authorized capital from KWD 5 million, distributed over 50 million shares, to KWD 4,485,717.500, distributed over 44,857,175 shares, at a nominal value of 100 fils per share.
This item was approved by shareholders representing 39,540,050 shares, or 91,649% of the company’s total issued and paid-up capital. Accordingly, Article (8) of the Memorandum of Incorporation and Article (5) of the Articles of Association have been amended as follows: The company’s authorized, issued, and paid-up capital has been set at KWD 4,485,717.500 distributed over 44,857,175 shares. KWD 1.25 million is paid in cash and KWD 3,235,717.500 is paid in-kind, at a nominal value of 100 fils per share.
The EGM also passed a resolution amending Article (6) of the Memorandum of Incorporation and Article (4) of the Articles of Association as follows: Without prejudice to the provisions of Law No. 25 of 2012 Promulgating the Companies Law, its amendments and its executive regulations, the objectives for which this company was established are:
Own, sell, purchase, and develop real estate properties and land plots on the Company’s behalf and for third parties, in Kuwait and abroad. Provide property management services for third parties within the limits set by applicable laws without violating the ban imposed on trading in private housing plots. - Own, sell and buy shares and bonds issued by real estate companies only on the company's behalf in Kuwait and abroad. - Prepare studies and provide advisory services in various fields within the real estate sector provided that the service provider fulfils all required conditions.  -Provide maintenance services for buildings and real estate properties owned by the company and third parties, including various types of maintenance work such as civil, mechanical, electrical, elevators and air conditioning works to ensure their maintenance and safety. - Organize real estate exhibitions for the Company’s projects according to the regulations stipulated by the ministry. -Organize real estate auctions in line with applicable regulations set forth by the Ministry. Own commercial and residential complexes. Utilize the Company's surplus to invest in financial portfolios managed by specialized companies. - Directly contribute to laying down the infrastructural foundation for residential, commercial and industrial zones based on Build, Operate, and Transfer (B.O.T.) system.   The Company may carry out the above-stated objectives in Kuwait or aboard on its behalf or on behalf of others.