Gulf Takaful Insurance Company has scheduled an Extraordinary General Meeting (EGM) for Tuesday, July 25, 2023, at 11:30 a.m. The meeting will take place at KIPCO Tower, 54th Floor, Meeting Room, located in the Sharq District on Khaled Bin Al Waleed Street. The primary agenda of the meeting includes discussions on the approval of an increase in the company's authorized, issued, and paid-up capital from KWD 10 million to KWD 15 million, at a nominal value of 100 fils per share. The proposed capital increase is intended to be carried out in installments. The payment arrangement will extend to shareholders registered in the company's records as of the EGM date. Additionally, provisions will be made to accommodate new shareholders who seek to subscribe in the capital increase after the deadline. The board of directors is also set to receive authorization to establish regulations, guidelines, and conditions governing the capital call-up process.
The EGM will also discuss the modification of Article (7) in its Articles of Association and Article (6) of the Memorandum of Incorporation. The proposed amendments will entail the following revisions: The company’s authorized and issued capital was set at KWD 15 million, distributed over 150 million shares, at a nominal value of 100 fils per share, and all shares are in  cash, subject to the receiving regulatory approvals.