Waterfront Real Estate Company held its Extraordinary General Meeting (EGM) on Sunday, 10 September 2023, at the company’s headquarters, and agreed to reduce its authorized, issued, and paid-up capital from KWD 50 million to KWD 23.361 million, resulting in a total reduction of KWD 26.638 million. This reduction was achieved by canceling 266.385 million shares, effectively extinguishing all accumulated losses as of 31 December 2022.
The EGM 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 23,361,500, distributed over 233,615,000 shares, at a nominal value of 100 fils per share, and all shares are paid in cash".