Gazal Logistics Services Company held its Extraordinary General Meeting (EGM) for the financial year 2022 on Monday, 29 May 2023, and discussed increasing its authorized, issued, and paid-up capital from KWD 1.092 million to KWD 1.5 million, as follows:
The shareholders registered in the company's records until the EGM date will receive bonus shares of 20%, equivalent to 20 fils per share. This amounts to a total of KWD 218,400, which corresponds to 2,184,000 shares. The Board of Directors was also authorized to handle the fractional shares that may arise from this distribution (if any).
Furthermore, there will be a cash increase of KWD 189,600, which will be paid in a single installment to the current shareholders. The Board of Directors has been granted the authority to establish regulations, rules, and conditions regarding the capital call and the handling of fractional shares, if applicable, for this cash increase. However, the proposed capital increase was not approved. Instead, it has been decided to convene another Extraordinary General Meeting (EGM) to discuss a capital reduction. A shareholder who owns 7.463% of the company's shares proposed a capital reduction to KWD 250,000, with the resulting amount to be distributed among the shareholders. This proposal received approval from a total attendance of 75.518%.
Additionally, Article (13) of the company's Articles of Association was amended, as follows: The Company shall be managed by a Board of Directors consisting of three (3) members who may be nominated by shareholders as delegated by shareholding entities pro rata to their interest in the company’s capital. The remaining members will be elected by secret ballot during the AGM.