The Board of Directors of the Ikarus United Marine Services Company held its meeting No. 4 of 2022 on Sunday, 13 March 2022, and approved the minutes of the Board of Directors meeting No. 3 of 2022 held on 6 February 2022, as well as the executive management’s proposal to increase the issued and paid-up capital, i.e., the remaining portion of the authorized capital of KWD 1 million to KWD 5 million. The shares resulting from the capital increase shall be allocated to shareholders registered in the company’s shareholders’ register, pro-rata to their ownership percentage in the company’s capital. Any surplus shares shall be offered for private subscription at 100 fils per shar, after obtaining the required approvals from the competent authorities.

Accordingly, it was approved to amend Article (8) of the Memorandum of Incorporation  and Article (5) of the company’s Articles of Association as follows: The company’s authorized capital has been set at KWD 5 million distributed over 50 million at 100 fils per share. The company’s issued and paid-up capital has been set at KWD 5 million, distributed over 50 million  shares, all of which are cash shares. The Chairman of the Board of Directors was authorized to determine the dates and conditions for increasing the issued capital, provided that it does not exceed the authorized capital and taking into account all requirements as stipulated by the law and its executive regulations, as well as the resolutions and instructions issued by the supervisory authorities