Joan Al Kuwait – Marine Services & Logistics Company has reached an agreement to revoke the resolution passed during the Extraordinary General Meeting (EGM) convened on 6 December 2021, which aimed to raise the company's capital from KWD 500,000 to KWD 1 million.
During the EGM held on Sunday, 13 August 2023, a consensus was reached to increase the authorized, issued, and paid-up capital of the company. The capital was increased from KWD 500,000 to KWD 1 million, representing a one-time cash injection of KWD 500,000. This increase is applicable to the shareholders who were registered in the company's records up to the EGM date. The Board of Directors has been granted the authority to establish the guidelines, regulations, and conditions for initiating this capital increase.
Furthermore, the EGM approved the modification of Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association, as follows: "The company's authorized and issued capital was set at KWD 1 million, distributed over 10 million shares, at a nominal value of 100 fils per share, and all shares are paid in cash. The company's paid-up capital was set at KWD 500,000, and all shares are paid in cash".