First Bahrain Real Estate Development Company will hold its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) for the financial year ended 31 December 2021, on Thursday, 9 June 2022, to discuss the following items listed on its agenda:
AGM Agenda:

Hear and approve the Board of Directors’ report for the financial year ended 31 December 2021. Hear and approve the auditors’ report for the financial year ended 31 December 2021. - Hear the Fatwa and Sharia Supervisory Board’s report for the financial year ended 31 December 2021. - Discussing and approving the financial statements for the financial year ending on December 31, 2021. - Hear the violations and penalties reports issued by the regulatory authorities. - Hear and approve the related parties’ transactions that took place the financial year ended 31 December 2021 and authorize the transactions that will take place with related parties in 2022. - Discuss the amortization of KWD 537,525 from the accumulated as on 31 December 2021 through using the entire statutory reserve amounting to KWD 129,433, so that the accumulated losses will stand at KWD 408,092. – Discuss absolving board members from any liabilities related to their financial, administrative, and legal actions for the financial year ended 31 December 2021. – Appoint or reappoint the company’s auditor for the financial year ending 31 December 2022 and authorize the Board of Directors to determine their fees. Appoint or reappoint the Shariah Supervisory Board for the financial year ending 31 December 2022 and authorize the Board of Directors to determine their fees.

EGM Agenda

Approve reducing the authorized, issued and fully paid-up capital from KWD 21,225,191 to KWD 20,192,581 i.e., by KWD 1,032,605 through the following:

A- KWD 408,092 to amortize KWD 537,525 of the remaining accumulated losses as on 31 December 2021 after using the entire legal reserve amounting to KWD 129,433. B- KWD 624,513. The excess would paid to shareholders registered in the company's records as of the AGM date, pro rata to their interest in the Company. 

B- Approve the amendment of Article (5) of the Memorandum of Incorporation and Article (6) of the Company’s Articles of Association, as follows: “The Company’s authorized, issued, and paid-up capital was set at KWD 20,192,586, distributed over 201,929,860 shares, at a value of each 100 fils per share, and all shares are in cash.