Tawazun Holding Company held its Extraordinary General Meeting (EGM) on Wednesday, 29 June 2022, and approved the Board of Directors’ recommendation to reduce the company’s authorized, issued and fully paid capital from KWD 75 million to KWD 68,032,688, as follows:

-    KWD 1,967,312 from the capital to amortize the accumulated losses, which stood at KWD 1,967,312 as of 31 December 2021. 

-    KWD 5 million due to the existence of financial surpluses and the lack of promising investment opportunities. That amount will be distributed to shareholders registered in the company’s records as of the EGM date, pro rata to their interest in the Company. 

The EGM approved amending Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association related to the company’s capital, as follows: The Company’s authorized, issued and fully paid-up capital was set at KWD 68,032,688, distributed over 680,326,880 shares, at a nominal value 100 fils per share, and all shares are in cash.