128 million shares of Boursa Kuwait’s capital transferred to «CMA» in exchange for its interest in «KCC«
The Board of Directors of Bourse Kuwait passed a resolution to settle the Company's debts with the Capital Markets Authority (CMA), resulting from the transfer of some assets as stipulated by Article (156) of Law No. 7 of 2010, some of which are due to its ownership of Kuwait Clearing Company. That stake was transferred to Boursa Kuwait, leading to a debt in the amount of KWD 12.8 million for 128.2 million shares in Boursa Kuwait.
The Board of Directors approved a memorandum of understanding submitted by management to increase the issued and paid-up capital by 5%, equivalent to KWD 300,000 by issuing 3 million bonus shares distributed to the current shareholders (CMA), i.e. 5 shares per 100 issued shares.
The Board of Directors also recommended to amend Article (8) of the Memorandum of Incorporation and Article (5) of the Articles of Association to reflect the following: “The Company's authorized capital is set at KWD 60 million, divided into 600 million shares. The issued capital was set at KWD 19.12 million, divided into 191.21 million shares, all of which are cash shares.”
مصدر الخبر: Alraimedia