The Board of Directors of Flex Resorts and Real Estate Company has extended an invitation to the company's shareholders for the upcoming Annual General Meeting (AGM) and Extraordinary General Meeting (EGM). The meetings are scheduled to take place on Tuesday, 13 June 2023, at 1:00 pm. The venue for the meeting is the company's headquarters located in Al-Mirqab, Khaled Bin Al-Waleed Street, Mazaya Tower 3, 21st Floor. The agenda for the meeting will encompass various items related to the company's financial year ended 31 December 2022. One of the key topics for discussion will be the reduction of the company's authorized, issued, and paid-up capital. The proposal is to decrease the capital from KWD 5.7 million to KWD 4.030 million, which amounts to a reduction of KWD 1.720 million. This reduction will also include a portion of the company's accumulated losses, as reflected in the financial statements for the year ended 31 December 2022.

The upcoming EGM will also address increasing the company’s authorized, issued, and paid-up capital from KWD 4.030 million to KWD 5 million. This increase amounts to KWD 970,000 and will be achieved by issuing 9.7 million shares at a nominal value of 100 fils per share. The purpose of this increase is to allocate it to a  creditor who has agreed to waive the debt owed to him, as recorded in the financial statements for the financial year ended 31 December 2022. The amount waived will be transferred to the capital increase account.

The EGM will also discuss the amendment of Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association regarding the company's capital, as follows: The Company’s authorized, issued, and fully paid-up capital was set at KWD 5 million, distributed over 50 million shares, at a nominal value of 100 fils per share. The in-cash capital was set at KWD 4.5 million and the in-kind was set KWD 500,000.  

The Board of Directors has also stated that if the required quorum for either the AGM or EGM was not met, the meeting will be adjourned to Tuesday, 20 June 2023, at 1:00 p.m., at the company's headquarters as mentioned earlier.