Gazal Logistic Services and Warehousing Company held it Extraordinary General Meeting (EGM) on Monday, 12 September 2022. The majority of 91.3 shares, 100% of the attendees, approved to reduce the Company’s authorized, issued, and paid-up capital from KWD 4.2 million to KWD 1.092 million. This move mean that 74% of the issued and paid-up capital shall be paid/refunded to shareholders at a rate of (74 fils) per share in return for canceling 31.080 million of their shares at the shares nominal value, i.e., KWD 3.108 million. The capital reduction was due to capital surplus that exceeded the company’s need. Eligible shareholders are those registered in the company’s records as of the end of the date determined by the Board of Directors, and the amounts shall be delivered to the shareholders within a week from the day of maturity announced by the board. The Board of Directors was authorized to determine and amend the record date and the payment date in addition to disposing of fractions of the remaining shares, if any.

Accordingly, it was approved to amend Articles (6) of the Memorandum of Incorporation and Article (5) of its Articles of Association, as follows: The Company’s authorized, issued, and paid-up capital was set at KWD 1,092,000, distributed over 10,920,000 shares, at a nominal value of 100 fils per share, and all shares are in cash.