Arabi Holding Group Company announced in a statement to the Boursa Kuwait today, Sunday, that it is moving forward with the procedures to increase the capital of OTC 779 Arabi Enertech (one of the subsidiaries).

"Arabi Holding" explained that it is planned to increase the authorized, issued and paid-up capital from KWD 15,025,000 to KWD 20,025,000, with a cash increase of 5 million Kuwaiti dinars, distributed over 50 million shares with a nominal value of 100 Kuwaiti fills, and it is allocated to shareholders registered in the company's records, and accordingly, the percentage of Arabi Holding Group Company after its contribution to the increase becomes 79.80% after completing all relevant procedures.

The company said that the financial impact of this is a decrease in cash by 5 million Kuwaiti dinars, with an increase in the ownership percentage of Arabi Holding Group Company in Arabi Enertech Company by 6.72%, to become 79.80%.