Al-Faisal Advanced Holding Company held its Extraordinary General Meeting (EGM) on Thursday, 27 October 2022, and approved to increase its authorized, issued, and paid-up capital from KWD 8 million to KWD 11,843,025, an increase of KWD 3,843,025 distributed over 38,430,250 shares, at a nominal value of 100 fils per share to be covered through the creditors’ account, pro rata to their interest in the Company’s capital. The Board of Directors was authorized to set the guidelines, conditions, and controls to call for the capital increase.

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 and issued capital was set at KWD 11,843,025 distributed over 118,430,250 shares, at a nominal value of 100 fils per share, and all shares are in cash. This capital increase is subject to obtaining regulatory approvals.