Wireless Mobile Data Company held its Extraordinary General Meeting (EGM) on Thursday, 25 August 2022, and approved the continuation of the Company's business activities as well as an increase in authorized, issued, and paid-up capital from KWD 7.353 million to KWD 14.353 million, a KWD 7 million increase. This capital increase will be distributed to existing shareholders on the company's records as of the EGM date, at a price of 100 fils per share. The Board of Directors was also authorized to offer unsubscribed shares to new investors and to establish the guidelines and regulations for calling the proposed capital increase. The Board of Directors was also given the authority to dispose of any fractional shares and to determine the capital increase instalment schedule.
The EGM 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 14.353 million distributed over 143.53 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 7.353 million, distributed over 73.53 million shares, at a nominal value of 100 fils per share, and all shares are in cash.