Boursa Kuwait announced today, Wednesday, April 9, 2025, the registration of OTC 222 Alafco Real Estate Services Company (formerly Alafco Aviation Lease and Finance Company) among the Hybrid companies, allowing it to trade on the over-the-counter (OTC) platform under the number 222.

It is worth noting that the company held both an ordinary and an extraordinary general assembly, the results of which were announced in January prior to its withdrawal from the Boursa Kuwait.

Among the outcomes was the approval of the company's financial statements, as well as discussions on the reports from auditors and the Sharia board. 
Approval was also granted for amendments to the articles of association and Article 5 of the articles of incorporation.

Sami Al-Nasf, the Chairman of the Board, clarified that a cash dividend for the fiscal year ending on September 30, 2024, was approved at a rate of 305.31798% per share, equivalent to 305.3180 Fils for each share, totaling KWD 30.5 million for all shareholders registered in the company’s records as of the eligibility date of February 12, 2025. 
The Board of Directors was authorized to amend the eligibility schedule and manage any fractional shares, if applicable.

Additionally, the board's recommendation to reduce the authorized and paid-up capital from KWD 10 million to 750,000 dinars was approved, amounting to a surplus o0f KWD 9.25 million. 

This surplus will be returned to the registered shareholders in proportion to their capital shares as of the eligibility date of February 12, 2025, with distribution set for February 13, 2025, based on the eligibility schedule and management of fractional shares, if they exist.

He indicated that the capital reduction was intended to lower liquidation costs and expedite the process.

The company's authorized and paid capital was set at KWD 750,000, distributed over 7.5 million shares, with each share valued at 100 Fils, all in cash.

He added that Abdulkarim Al-Samdan was approved as the company’s auditor from the list accredited by the Capital Markets Authority, and the reappointment of the Sharia supervisory board for the fiscal year ending on September 30, 2025, was also confirmed.

The current text of Article One of the bylaws was amended to read: "The company was established in accordance with the provisions of commercial companies, between the shareholders as outlined herein, as a public Kuwaiti joint-stock company named (Alafco Real Estate Services Company)."