Kuwait National Lube Oil Manufacturing Company held its Extraordinary General Meeting (EGM) on Sunday, 16 April 2023, and approved to reduce the company’s issued, paid, and authorized capital from KWD 17.016 million to KWD 3.1 million, i.e., down by KWD 13,852,637, to fully amortize the losses recorded in the financial statement for the financial year ended 30 September 2022.

The EGM also approved to amend Article (6) of its Memorandum of Incorporation and Article (5) of the Articles of Association (subject to receiving regulatory approvals), as follows: The Company’s authorized and paid-up capital was set at KWD 3,164,016, distributed over 31,640,160 shares, at a nominal value of (100) fils per share, and all shares are in cash and in kind.

- Cash shares are set at KWD 2,938,821. In-kind shares are set at KWD 225,198.