Al-Qurain Automotive Trading Company held its Extraordinary General Meeting (EGM) on Tuesday, 18 April 2023, to discuss several items listed on its agenda. One of the key resolutions approved during the meeting was the proposal put forth by the Board of Directors to increase the company's authorized, issued, and paid-up capital. The capital was raised from KWD 10 million to KWD 16 million, resulting in a net increase of KWD 6 million. This increase was achieved by distributing 60% bonus shares for the financial year ended 31 December 2022 to shareholders registered in the company's records as of the EGM date.  Eligible shareholders received 60 additional shares for every 100 shares they owned. The Board of Directors was authorized to handle any fractional shares that arose from this distribution, subject to the approval of the regulatory authorities.
It is worth noting that shareholders holding 3,718,043 shares, representing 3.843% of the total capital shares after considering treasury shares, expressed reservations without providing any reasons regarding this resolution.
Furthermore, the EGM approved amending Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association, specifically relating to the company's capital. The revised provisions state that the company’s authorized, issued, and paid-up capital was set at KWD 16 million, distributed over 160 million shares, at a nominal value of 100 fils per share, and all shares are fully paid in cash.