MAC National Real Estate Company (formerly REMAC International Real Estate) held its Extraordinary General Meeting (EGM) on Monday, 21 August 2023, and approved a substantial increase in its authorized, issued, and paid-up capital. The capital was raised from KWD 1 million to KWD 10 million by introducing 90 million new shares, which were allocated as bonus shares to eligible shareholders. Each shareholder received bonus shares pro rata to their ownership stake in the company, as of the EGM date. This capital increase amounted to a total of KWD 9 million allocated from retained profits.
The EGM also approved to amend Article (8) of the Memorandum of Incorporation and Article (5) of its Articles of Association, as follows: The company’s authorized, issued, and paid-up capital was set at KWD 10 million, distributed over 100 million shares, at a nominal value of 100 fils per share, fully paid in cash.
Furthermore, the EGM also agreed to add Article No. (75) to its Articles of Association, as follows: 1% of the company’s net profits shall be deducted and allocated Kuwait Foundation for the Advancement of Sciences’ account.