OTC 579 Flex Real Estate and Health Clubs Company reduced its authorized, issued and paid-up capital from an amount of 7.5 million KD to an amount of 6.7 million KD, reducing it by an amount of 800 thousand dinars, which represents part of the company’s accumulated losses as shown in the financial statements for the fiscal year ending on December 31, 2023. That decision was taken during its extraordinary general meeting, which was held on Monday, April 29, 2024.
At the same meeting, it was agreed to increase the company's authorized, issued, and paid-up capital from an amount of 6.7 million KD to an amount of 8 million KD, meaning an increase of 1.3 million KD.
This increase is divided into 13 million shares with a nominal value of 100 Kuwaiti fills per share and this increase should be allocated to Flex Resorts and Real Estate Company, as one of the company’s creditors, which has agreed to waive the value of the debt owed, after the company paying the value of the debt owed to the bank.
The meeting also agreed to amend the text of Article (6) of the contract and Article (5) of its articles of association relating to the company’s capital, as follows: The company’s authorized, issued and paid-up capital was set at an amount of 8 eight million KD distributed over 80,000,000 shares, a nominal value of 100 Kuwaiti fills per share, and all shares are cash.