Brandatt.com E-commerce Company held its Extraordinary General Meeting (EGM) on Thursday, 29 September 2022 at the Company’s headquarters, and approved to cancel the resolution issued by its EGM held on 14 October 2021, which stipulated to increase the Company’s capital from KWD 1.5 million to KWD 2.1 million, up by KWD 600,000 through offering 6 million shares for subscription, at a nominal value of 100 fils per share, plus a premium of 250 fils.

The EGM approved to increase the Company’s authorized, issued, and paid-up capital from KWD 1.5 million to KWD 1.7 million, up by KWD 200,000 by offering 2 million shares for subscription at a nominal value of 100 fils per share and an issuance premium of 250 fils to be paid in cash through one installment. Eligibility of this capital increase is for the Company’s shareholders registered in the Company’s records as of the EGM date. The right issue is open for subscription for 15 days, after which, the subscription would be open for new shareholders. Non-Kuwaitis may own shares in the company pursuant to Article (6) of the Company’s Articles of Association. The EGM authorized the Board of Directors to set the guidelines and conditions for calling the capital and disposing of fractional shares.

Brandatt’s EGM also approved to amend Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association as follows: The Company’s authorized and issued capital was set at KWD 1.7 million, distributed over 17 million shares, at a nominal value of 100 fils per share, and all shares are in cash.

The Company’s paid-up capital was set at KWD 1.5 million, distributed over 15 million shares, at a nominal value of 100 fils per share, and all shares are in cash. This capital increase is subject to receiving regulatory approvals.