Gatehouse Capital Economic and Financial Consultancy held its Extraordinary General Meeting (EGM) on Monday, 19 September 2022 at the Company’s headquarters, and approved to reduce the Company’s issued and paid-up capital from KWD 10 million to KWD 5 million through the repayment of KWD 5 million, i.e., or 50% of the capital. The Company will cancel 50 million shares at the share’s nominal value as this amount is considered a surplus that is not needed by the Company. The amounts will be refunded to shareholders registered in the company’s records at the end of record date and the Board of Directors was authorized to determine the record date (distribution date).

The 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, issued, and paid-up capital was set at KWD 5 million, distributed over 50 million shares. The value of each share is 100 fils, and all shares are in cash. This capital reduction is subject to receiving regulatory approvals.