The First Education Company (FEC) held its extraordinary general assembly for the fiscal year ending September 30, 2024, on Wednesday, March 19, 2025. 

The assembly approved the board of directors' recommendation to reduce its capital by KWD 5.5 million, equivalent to 64.7% of the company's capital, due to the excess capital relative to the company’s needs and a lack of distinctive investment opportunities.

The record date will be determined by the board of directors for the shareholders registered in the company's records after obtaining the necessary approvals.

Additionally, the assembly approved an amendment to Article (6) of the Articles of Association and Article (5) of its articles of incorporation regarding the company's capital, which will now read: 

"The authorized, issued, and paid-up capital of the company is set at KWD 3,000,000 (three million Kuwaiti Dinars), distributed over 30,000,000 shares. The value of each share is 100 Fils, and all shares are cash."

The First Education CO. general assembly also approved the board of directors' recommendation to reduce the number of board members from 7 to 3 members. Consequently, Article (14) of the Articles of Incorporation regarding the number of board members has been amended to state:

"The company shall be managed by a board of directors consisting of 3 members. The appointing authority may appoint representatives to the board in proportion to the shares they hold in the company, while the remaining members shall be elected by the general assembly through secret voting."