Universal Payment Services  Company has called upon its shareholders to attend the Extraordinary General Assembly applicable to the financial year ending on December 31, 2022. The assembly is scheduled to take place on Wednesday, November 15, 2023, at eleven o'clock in the morning. The purpose of the meeting is to discuss the proposed reduction of the company's authorized, issued, and fully paid-up capital from KD 2,754,304 to KD 981,291.
The reduction in capital aims to offset the accumulated losses totaling KD 1,773,013, as stated in the financial statements for the year ended December 31, 2022. To implement this capital reduction, the assembly will also address the approval of amendments to Article (6) of the Memorandum of Association and Article (5) of the Articles of Association.
The proposed amendments will reflect the revised capital structure, stating that the authorized, issued, and paid-up capital of the company is determined at KD 981,291, distributed over 9,812,910 shares. Each share holds a value of 100 fils and is to be paid in cash.
Shareholders are strongly encouraged to attend the assembly to participate in the discussions and decision-making process regarding these important matters.