Kuwait Medical Center Holding Company held its Extraordinary General Meeting (EGM) on Sunday, 23 October 2022, and agreed to reduce its authorized, issued and paid-up capital from KWD 28,536,087 to KWD 2.1 million, in order to write-off a portion of its accumulated losses as of 31 December 2021. The EGM also authorized the Board of Directors to dispose of the fractional shares, if any. This item was approved by a vote of 99.883% of the attendees.

The EGM also approved to increase the Company’s capital from KWD 2.1 million to KWD 32.1 million, i.e., by KWD 30 million, at a nominal value of 100 fils per share. The capital increase shall be allocated to the current shareholders registered in the company’s books as of the EGM date. The Board of Directors was also authorized to set the guidelines, rules, and conditions for calling the capital and to dispose of the fractional shares, if any. This item was approved by a vote of 99.884% of the attendees, while attending shareholders owning 0.0116% of the company’s capital objected.

The EGM also approved to amend Article (8) of its Memorandum of Incorporation and Article (5) of the Articles of Association as follows: The Company’s authorized and issued capital was set at KWD 32.1 million, distributed over 321 million shares, at a nominal value of 100 fils per share, and all shares are in cash.

The Company’s paid-up capital was set at KWD 2.1 million, distributed over 21 million shares, at a nominal value of 100 fils per share, and all shares are in cash.