Wireless Mobile Data Company has scheduled its Extraordinary General Meeting (EGM) for Sunday, 8 October 2023, at 11:00 a.m. During this meeting, several important matters will be addressed, including discussions about the company's future. Additionally, there will be a proposal to revoke the decision made during the EGM held on 25 August 2022. This earlier decision pertained to increasing the authorized, issued, and paid-up capital of the company from KWD 7.353 million which was originally distributed over 73.530 million shares at a nominal value of 100 fils per share, to KWD 14.35 million, distributed over 143.53 million shares at a nominal value of 100 fils per share. In essence, this represents a KWD 7 million increase, involving the addition of 70 million shares at a nominal value of 100 fils per share.
The EGM will also discuss a proposal to increase the company’s authorized capital. Currently, the authorized capital stands at KWD 7.353 million. The plan is to raise this amount to KWD 16.853 million. This increase will involve the issuance of 73.53 million additional shares, at a nominal value of 100 fils per share. This represents an increase of KWD 9.5 million. Furthermore, there will be an issuance of 90.5 million shares, at a nominal value of 100 fils per share, allocated to the existing shareholders registered in the company's records as of the EGM date. These shares will be offered at a price of 100 fils per share. After the legal subscription period for current shareholders concludes, the Board of Directors will be authorized to offer any remaining unsubscribed shares to new investors. Additionally, the Board of Directors will have the authority to determine the appropriate issue premium for these shares. Furthermore, the Board of Directors will be authorized to establish regulations and guidelines regarding the proposed capital increase, payment terms, and the handling of fractional shares.
The company will also discuss increasing its issued and paid-up capital. Currently, it stands at KWD 7.353 million. The proposal is to raise the capital to KWD 8,752,500. This increase will involve the issuance of 73.53 million additional shares, at a nominal value of 100 fils per share. Consequently, the capital will increase by KWD 1,399,500. Moreover, as part of this capital increase, 13.995 million shares at a nominal value of 100 fils per share will be transferred from the accounts payable to current shareholders to shares and cash debt principle.
Subsequently, there will be a discussion to amend Article (6) of the Memorandum of Incorporation and Article (5) of its Articles of Association, as follows: "The company's authorized capital was set at KWD 16.853 million distributed over 68.53 million shares, at a nominal value of 100 fils per share, and all shares are paid in cash. The company's issued and paid-up capital was set at KWD 8,752,500 distributed over 87.525 million shares, at a nominal value of 100 fils per share, and all shares are paid in cash".