First Bahrain Real Estate Development Company held its Extraordinary General Meeting (EGM)  for the financial year ended 31 December 2021, on Thursday, 9 June 2022, and passed a resolution to reduce the authorized, issued, and paid-up capital from KWD 21,225,191 to KWD 20,192,586, or by KWD 1,032,605 through using KWD 408,092 to amortize KWD 537,525 KD of the remaining accumulated losses as of 31 December 2021 after using the entire legal reserve. Meanwhile, KWD 624,513 in surplus shall be paid to the shareholders registered in the company’s records as of the EGM date, pro rata to their interest in the Company. 
Accordingly, Article (5) of the Memorandum of Incorporation and Article (6) of its Articles of Association have been amended, as follows: The Company’s authorized, issued and paid-up capital was set at KWD 20,192,586, distributed over 201,925,860 shares, at a nominal value of 100 fils per share, and all shares are in cash.