Ghazal Logistics Services Company will hold its Extraordinary General Meeting (EGM) on Monday, 29 May 2023, at 11:30 a.m. The meeting will take place at the company's headquarters located in Al Mirqab - Mazaya Tower 2 - Khaled Bin Al Waleed Street – 22nd Floor.  The EGM will discuss the board of directors; recommendation to increase its authorized capital from KWD 1.092 million to KWD 1.5 million, as follows:

Bonus Shares: A distribution of 20% bonus shares, which amounts to 2,184,000 shares. Each share has a nominal value of 20 fils, resulting in a total value of KWD 218,400. These bonus shares will be allocated to shareholders registered in the company's records as of the AGM date. The Board of Directors has been granted the authority to handle any fractional shares that may arise.

Capital Increase: A capital increase of KWD 189,600 to be offered to existing shareholders as a lump sum payment. The Board of Directors has been authorized to establish controls, rules, and guidelines for the capital call-up process, as well as for the disposal of any fractional shares that may arise.

The EGM will also discuss the amendment of 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 1.5 million, distributed over 15 million shares at a nominal value of 100 fils per share, and all shares are in cash.

The company’s EGM will also discuss reducing the number of board members from (5) to (3) members, by amending Article (13) of the Articles of Association, as follows: The company is managed by a board of directors consisting of (3) members. The board may delegate representatives in proportion to their share ownership in the company. The remaining members of the board will be elected by secret ballot during the General Assembly, following the approval of the relevant authorities.