NBK Capital Smart Technologies Company held its Extraordinary General Meeting (EGM) on Tuesday, 18 July 2023. During the meeting, discussions centered on the company's outlook, particularly in light of the carry forward losses it has incurred and the deficit in its equity.
All attendees at the meeting unanimously approved of the company's decision to persevere and address the challenges posed by the carried forward losses and the equity deficit. This resolution will be executed through a capital increase in cash. The Board of Directors has been granted the authority to establish guidelines, conditions, and rules for the capital call-up process.
The decision was made to nullify the resolution passed during the EGM held on 21 January 2021. This particular resolution had involved an increase in the company's capital from KWD 910.4 to KWD 1.29, with an additional KWD 379,625. This cancellation was prompted by the inability to fulfill the necessary entry requirements in the commercial register.
The EGM also approved to increase the company's authorized, issued, and paid-up capital from KWD 910,420 to KWD 1,610,420. This increase amounts to KWD 700,000, allocated to existing shareholders. The cash payment will be made in a single installment. The Board of Directors has been authorized to establish the necessary guidelines, conditions, and rules for the capital call.
In light of these decisions, Article (8) of the Memorandum of Association and Article (5) of the Articles of Association have been revised as follows: The company's authorized and issued capital was set at KWD 1,610,420, distributed over 16,104,200 shares, at a nominal value of 100 fils per share, all paid in cash.