Amwal International Holding Company held its Extraordinary General Meeting (EGM) on Thursday, 31 August 2023. Shareholders approved the Board of Directors' recommendation to decrease the company's authorized, issued, and paid-up capital. The reduction is from the previous amount of KWD 18.055 million to KWD 3.202 million, representing a reduction of KWD 14.853 million. This capital reduction was due to a surplus that needed to be paid back to shareholders, pro rata to their interest in the company’s capital.
Following the decisions made during the EGM, Amwal International Holding Company has approved amendments to Article (6) of the Memorandum of Incorporation and Article (5) of the Articles of Association, as follows: "The company's authorized, issued, and paid-up capital was set at KWD 3,202,113, distributed over 32,012,130 shares, at a 100 fils per share, and all shares are paid in cash".
Amwal International also agreed to amend Article (17) of its Articles of Association, as follows: "A member of the Board of Directors, whether representing a natural or legal person, may not simultaneously serve as a member of the Board of Directors for more than five single shareholding companies registered in Kuwait. Furthermore, they may not serve as the Chairman of the Board of Directors for two competing companies, or for the benefit of another party operating in one of the business sectors practiced by the company. Violation of this provision may lead to the demand for compensation, or the consideration of operations conducted on their behalf as if conducted for the company, unless such actions receive approval from the company's AGM. The Chairman or any member of the Board of Directors, representing either a natural or legal person, is prohibited from exploiting information acquired through their position for personal gain or for the benefit of others. Additionally, they may not trade their own shares in the company during their term on the Board of Directors".