Al-Raeda Real Estate Company held its Extraordinary General Meeting (EGM) on Thursday, 8 June 2023, and unanimously approved to increase the company’s authorized, issued, and fully paid-up capital. The capital will be raised from KWD 7,376,130 to KWD 7,557,630, resulting in an increase of KWD 181,500.
The EGM also approved the amendment of Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association, as follows: The company’s authorized, issued, and fully paid-up capital was determined at KWD 7,557,630 distributed over 75,576,300 shares, at a nominal value of 100 fils per share, and all shares are paid in cash. This resolution is subject to receiving the required approval by the competent authorities.