FAWSEC Educational Company held its Extraordinary General Meeting (EGM) on Tuesday, 25 January 2022, and approved the Board of Directors’ recommendation to reduce the company’s capital from KWD 4.45 million to KWD 1 million i.e., a reduction of KWD 3.45 million. This step is aimed at reducing the surplus capital that exceeds its requirements, provided that this amount is distributed to shareholders registered in the company’s records as of EGM’s date, pro rata to the shares they own in the Company. The EGM authorized the board of directors to take the necessary measures to reduce the company’s capital.
Accordingly, it was agreed to amend Article (6) of the Memorandum of Incorporation and Article (5) of its Articles of Association related to the company’s capital, as follows: “The Company’s authorized, issued and fully paid capital has been set at KWD 1 million distributed over 10 million shares. The value of each share is 100 fils, and all shares are in cash, subject to receiving regulatory approvals.