In a statement issued to Boursa Kuwait, Warba Capital Holding Company announced that its board of directors held a meeting on Thursday, 1 September 2022 at 1:00 p.m. The BOD discussed and approved the items listed on its meeting agenda including to initiate exiting the company’s investment in Kuwait Gate Holding Company, equivalent to (25 million shares, or 5% of its capital). National Investment Company was appointed as an independent financial advisor to reach a fair evaluation of the investment, as the expected investment value exceeds 50% of the company’s total assets. The study of the financial advisor will be presented to the Extraordinary General Meeting (EGM) for approval of the evaluation and exit procedures.

The BOD also discussed and approved the transfer of ownership of its offices floor, located in Sharq, Dhow Tower, 28th floor, from Warba Capital Company to Boubyan Real Estate Projects Company, 99.5% subsidiary owned by Warba Capital Company. Moreover, among the items discussed and approved was also the restructuring of the Company’s unlisted and written off investments, as the ownership of its investments, i.e., minority ownership in unlisted companies, will be transferred to Boubyan Real Estate Projects Management Company. As for the impact of these resolutions on the Company’s financial position, the Company stated that there is no effect at the moment.