Gatehouse Capital Economic and Financial Consultancy held its Extraordinary General Meeting (EGM) on Wednesday, 17 May 2023, at the company's headquarters and approved several resolutions.
Firstly, the assembly approved a reduction in the company's authorized, issued, and paid-up capital from KWD 5 million to KWD 3 million. This reduction involved paying KWD 2 million, which represents 40% of the capital. The paid-up capital will be distributed to the shareholders in exchange for canceling 20 million shares from their holdings at the nominal share value. This step was approved due to the capital surplus beyond the company's requirements. The distribution shall be made to shareholders registered in the company's records at the end of the specified due day, as determined by the Board of Directors.
Additionally, the EGM approved to amend Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association. The revised articles reflect the new capital structure, stating that the company’s authorized, issued, and paid-up capital was set at KWD 3 million, distributed over 30 million shares, at a nominal value of 100 fils per share, and all shares are paid in cash.
Furthermore, the EGM discussed the appointment or re-appointment of the company's auditor for the financial year ending 31 December 2023. The Board of Directors was authorized to determine the auditor's fees.