North Star Shipping Company held its Extraordinary General Meeting (EGM) on Monday, 10 January 2022, and passed a resolution approving the Board of Directors’ recommendation to reduce the company's authorized, issued and paid-up capital from KWD 2 million to KWD 1 million. This is due to the availability of surplus, provided that the amount is paid to the shareholders, pro rata to their ownership in the company’s shares as of EGM date.
Accordingly, it was approved to amend Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association as follows: “The Company authorized, issued, and paid-up capital has been set at KWD 1 million distributed over 10 million shares, at 100 fils per share all paid in cash. 
Provided that this decision is subject to receiving required approvals from the Ministry of Commerce and Industry and other regulators.