Al Wataniya Raeda Real Estate Company held its Extraordinary General Meeting (EGM) for the financial year ended 31 December 2021 on Monday, 11 April 2022, and passed a resolution to increase the company’s authorized and issued capital, fully paid in cash, from KWD 7 million to KWD 7,376,130 i.e., by KWD 376,130 for the financial year ended 31 December 2021, i.e., 3,761,300 shares, through creditors and allocating that increase in full to Al Banbara General Trading and Contracting Company to settle its debt. This motion was unanimously approved by 100% vote.

Accordingly, it was approved to amend Article (6) of the Memorandum of Incorporation and Article (5) of the Company’s Articles of Association as follows: The company’s authorized, issued, and fully paid capital was set at KWD 7,376,130 distributed over 73,761,300 shares, at a  nominal value of 100 fils per share, and all shares are in cash, subject to receiving the required approvals from the competent authorities.