Kuwait Medical Services Company held its Extraordinary General Meeting (EGM) on Wednesday, 29 March 2023, and approved to increase the company’s capital from KWD 20 million to KWD 21.5 million to be paid in cash and in one installment, to bring the company’s capital up by KWD 1.5 million. The capital increase process will be done as per the data for the financial period ended 31 December 2022 and is offered to shareholders registered in the company’s records as of the record date. The capital increase is offered at a price of 100 fils per share, with no issuance premium. The EGM also authorized the Board of Directors to set the terms and guidelines for the proposed capital increase.

Accordingly, 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 21.5 million distributed over 215 million shares, at a nominal value of 100 fils, and all shares are in cash. The company’s paid-up capital was set at KWD 20 million, distributed over 200 million shares, at a nominal value of 100 fils, and all shares are in cash.