Saudi Projects Holding held its Extraordinary General Meeting (EGM) on Wednesday, 17 August 2022, and approved to reduce its authorized, issued, and paid-up capital from KWD 10 million to KWD 3 million, as follows:

1-    Fully amortize the Company’s accumulated losses as of 31 December 2021, for a total amount of KWD 4,594,961 by canceling 45,949,610 shares. The Board of Directors was authorized to determine the timeline for the shares’ entitlements related to the capital reduction, in addition to disposing of the fractional shares, if any.

2-    Payment of KWD 2,405,039 in exchange of canceling 24,050,390 shares, as the company no longer requires this cash. This payment will be made to shareholders in cash, pro rata to their interest in the Company’s capital.

The EGM also approved amending Article (5) of the Articles of Association and Article (6) of the Company’s Memorandum of Incorporation, as follows: The Company’s authorized, issued, and paid-up capital was set at KWD 3 million, distributed over 30 million shares. The value of each share is 100 fils, and all shares are in cash. All recommendations are subject to receiving regulatory approvals.