First Bahrain Real Estate Development Company conducted its (deferred) Extraordinary General Meeting (EGM) pertaining to the financial year ended 31 December 2022, on Monday, 26 June 2023, via Zoom. The agenda of the EGM focused on the proposal to reduce the company's authorized, issued, and paid-up capital. The intended reduction is from an existing sum of KWD 20,192,586 to a new amount of KWD 20,005,626, involving a decrease of KWD 186,960.
 First Bahrain clarified that the reason behind this capital reduction is its surplus, and the designated amount will be distributed among shareholders who were registered in the company's records on the EGM date. Each shareholder will receive a portion pro rata to their stake in the company’s capital. Furthermore, the Board of Directors has been granted the authority to manage any fractional shares that might arise from this process.
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 paid-up capital was set at KWD 20,005,626 distributed over 200,056,260 shares, at a nominal value of 100 fils per share.