Al-Masar Leasing and Investment Company held its (postponed) Extraordinary General Meeting (EGM) on Sunday, 16 October 2022, and approved to reduce the Company’s authorized, issued and paid-up capital from KWD 16,050 million to KWD 12,296 million, i.e., by KWD 3,755,646, or 23.399%, in order to write off the remaining accumulated losses after using the voluntary and statutory reserve as of 31 December 2021.

The EGM also approved the Board of Directors’ recommendation 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 12,294,354, distributed over 122,943,540 shares at a nominal value of 100 fils per share, and all shares are in cash, subject to receiving regulatory approvals.