Waterfront Real Estate Company will hold its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) for the financial year ended 31 December 2022 on Sunday, 10 September 2023, to discuss the items listed on its agenda. The agenda for these meetings includes a proposal to decrease its authorized, issued, and paid-up capital from KWD 50 million to KWD 23.3 million, resulting in an amount of KWD 26.6 million. This reduction is done through canceling 266,385,000 of the company’s shares of at a nominal value of 100 fils per share, to offset all accumulated losses as of 31 December 2022.
Accordingly, there will be discussions about amending Article (6) of the company's Memorandum of Incorporation and Article (5) of the Articles of Association. If these amendments are approved, the revised text will read as follows: "The company authorized, issued and paid-up capital was set at KWD 23,361,500, distributed over 233,615,000 shares, at a nominal value of 100 fils per share, and all shares are fully paid in cash".