Arabic Digital Financial Services Company held its Extraordinary General Meeting (EGM) on Wednesday, 29 June 2022, and passed a resolution to cancel the capital increase that was approved by the EMG held on 20 September 2020, and registered as entry number 365738 in the Commercial Registry on 17 November 2020 related to increasing the company’s authorized, issued, and paid-up capital from KWD 10,000 to KWD 20 million, up by KWD 19.99 million, distributed over 199.9 million shares, at a nominal value of 100 fils per share, provided that this increase is paid in cash and in one payment. The capital increase shall be allocated to a new shareholder, as the company’s shareholders waived their right to subscribe in the capital increase and authorized the Board of Directors to set the guidelines, rules, and conditions to call for the capital increase.
The EGM passed a resolution to increase the company’s authorized, issued and paid-up capital from KWD 10,000 to KWD 20 million, up by KWD 19.99 million, distributed over 199.9 million shares, at a nominal value of 100 fils per share, provided that this increase is allocated to one of the company’s creditors who has agreed to write off the company’s debt owed to him as reflected on the company’s financial statements for the period ended 31 December 2021. The Board of Directors is authorized to take the necessary measures in this regard.
Accordingly, it was approved to amend Article (9) of the Memorandum of Incorporation and Article (5) of the Articles of Association related to capital, as follows: The Company’s authorized, issued, and fully paid capital was set at KWD 20 million, distributed over 200 million shares, at a nominal value of 100 fils per share, and all shares are in cash.