The postponed Extraordinary General Meeting of The Industrial & Financial Investment Company was held on Monday, September 11, 2023. During the meeting, the recommended settlement plan with the creditor banks, which aimed to continue the company in the next phase, was discussed by the board of directors.
Hussein Gohar, the Vice Chairman of the Board of Directors and Chairman of the session, provided the creditor banks with detailed information about the proposed settlement plan. He mentioned that the plan is currently being studied and awaiting a final response from the majority of creditor banks in the coming period. This response is crucial for the financial restructuring of the company and for mitigating a significant portion of the accumulated losses.
During the General Assembly of "Industrial Investments," the decision to continue the company was approved. However, the recommendation of the Board of Directors to increase the company's capital by KD 36 million to cover all accumulated losses was rejected. Additionally, the proposal to reduce the company's capital from KD 11 million to KD 1 million, in order to cover a portion of the accumulated losses, was also rejected.