Flex Resorts and Real Estate Company held its Extraordinary General Meeting (EGM) on Sunday, 3 July 2022, and approved to reduce the company’s authorized, issued and paid-up capital from KWD 7.3 million to KWD 6.55 million, i.e. a reduction of KWD 750,000, representing a portion of the total accumulated losses as recorded on the company’s financial statements for the financial period ended 31 December 2021.

The EGM approved to increase the Company’s authorized, issued, and paid-up capital from KWD 6.55 million to KWD 7.5 million, an increase of KWD 950,000, distributed over 9.5 million, at a nominal value of 100 fils per share. The capital increase shall be allocated to a creditor who has agreed to convert the debt owed to him by the company into shares, as per the amount recorded in the company’s financial statements for the financial period ended 31 December 2021. 

The EGM also 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 paid-up capital was set at KWD 7.5 million distributed over 7.5 million shares, at a nominal value of 100 fils per share, and all shares are in cash.