Ikarus Petroleum Industries Company held its (postponed) Extraordinary General Meeting on Sunday, 20 March 2022 at the company’s headquarters. The EGM approved the Board of Directors’ recommendation to reduce the company’s capital by KWD 10,243,750 or (17%) by canceling 102,437,500 shares and refunding their value to shareholders. A shareholder owning 38,638 shares (0.01%) had a reservation on this item.

Accordingly, it was agreed to amend Article (6) of the Memorandum of Incorporation and Article (5) of the company’s Articles of Association regarding the capital as follows: The company’s capital has been set at KWD 50 million distributed over 500 million shares at a nominal value of (100 fils) per share. All shares are in cash.

The EGM also authorized the Board of Directors to dispose of any fractional shares resulting from the capital reduction.