Al-Bareeq Holding Company recently conducted its deferred Extraordinary General Meeting (EGM) on Wednesday, 14 June 2023. During this meeting, a unanimous decision was reached to increase the company's authorized and fully paid-up capital. This increase entails raising the capital from the initial sum of KWD 43.7 million to KWD 45.4 million. The capital increase is accomplished through an incremental amount of KWD 1,749,000, adding 17,492,000 shares to the existing share structure. This corresponds to 4% of the company's authorized and fully paid-up capital. The distribution of these additional shares will occur at a ratio of (4) shares for every hundred shares owned. These bonus shares are intended for allocation to shareholders registered in the company's records as of the maturity date, with distribution being proportional to their respective ownership interests. The Board of Directors is also authorized to manage the allocation of fractional shares that may arise as a consequence of this issuance.
The EGM approved to amend Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association, as follows: The company’s authorized and fully paid-up capital was set at KWD 45,479,200, distributed over 454,792,000 shares, at a nominal value of 100 fils per share, and all shares are cash.