The Extraordinary General Assembly (Postponed) of The Securities House Company held its meeting on Thursday, May 25, 2023, at 11:00 a.m located in Al Dhow Tower – Sharq.
The percentage of shareholders present reached 58.664% and the meeting was chaired by Mr. Ibrahim Yousef Alghanim, Chairman of the Board of Directors, where he welcomed the attendees and approved the agenda of the EGA of the Company, which are as follows:
- 99.262% of the attendees agreed to reduce the company's capital from KD 42,500,000 to KD 41,500,000 in exchange for paying KD 1,000,000 which represents 2.439024% of the current capital (excluding treasury shares) to be paid to shareholders in exchange for canceling 10,000,000 of their shares at the nominal value of the share, due to the increase in capital above the company's need.
This is for shareholders registered in the company's records by Sunday 25/06/2023, knowing that the acquisition date is Tuesday 20/06/2023, which is the last day on which the share must be purchased so that the shareholder is registered in the company's records on the due day, and the distribution for shareholders will be on Monday 26/06/2023, additionally to the Board of Directors right to confirm or amend this timetable.
- 99.262% of the attendees approved the amendment of Article (8) of the Memorandum and Articles of Association of the Company:
Text before amendment: The total capital of the Company is KD 42,500,000 (forty-two million five hundred thousand Kuwaiti Dinars) which is divided among 425,000,000 shares (four hundred and twenty-five million shares), the value of each share is one hundred fills, and all shares are paid in cash.
Text after amendment: The total capital of the Company is KD 41,500,000 (forty-one million five hundred thousand Kuwaiti Dinars) which is divided among 415,000,000 shares (four hundred and fifteen million shares), the value of each share is one hundred fills, and all shares are paid in cash.
Financial impact of the development
Reduction of shareholders' equity and cash with banks by KD 1,000,000.
