The Extraordinary General Assembly (Postponed) of The Securities House Company held its meeting on Thursday, May 30, 2024, at 11:00 AM in the meeting room of Al Dhow Tower – Sharq Region.

 

The percentage of shareholders present reached 55.736% and the meeting was chaired by Mr. Abdullatif Mohammed Alshaya, Chairman of the Board of Directors, where he welcomed the attendees and approved the agenda items of the Extraordinary General Assembly of the Company, which are as follows:

1. 1. Approval of a non-cash reduction of the issued and paid-up capital from KD 41,500,000 to KD 41,000,000 by cancelling part of the outstanding treasury shares as at 31 December 2023 of 5,000,000 shares and extinguishing their cost of KD 342,851 as follows:

First: A reduction in the company's capital by KD 500,000, representing the nominal value of the canceled treasury shares, and the cancellation of 5,000,000 shares from the capital.

Second: Adding the difference of KD 157,149 to the treasury share reserve.

Thus, the company's capital becomes KD 41,000,000, divided into 410,000,000 shares, each valued at one hundred fils.

2.            Approval of a cash reduction of the company's authorized, issued, and paid-up capital from KD 41,000,000 to KD 40,000,000, against the payment of KD 1,000,000, representing a percentage of 2.4390243902439% of the capital, to be paid to the shareholders in exchange for canceling 10,000,000 shares of the capital at the nominal value per share. This is due to the company's surplus.

To the shareholders registered in the company's records at the end of the specified entitlement day, Sunday, July 14, 2024, knowing that the ownership date is Tuesday, July 9, 2024, which is the last day for share purchase to be recorded in the company's records on the entitlement day. Distribution to shareholders will occur on Thursday, July 18, 2024, with the Board of Directors being authorized to confirm or modify this timeline.

3.            Approval of amending Article (8) of the Memorandum of Association and Articles of Association of the Company:

Text before amendment:

1.            Investment Portfolio Manager.

2.            Collective Investment Scheme Manager.

3.            Investment Advisor.

4.            Securities Broker not Registered in Securities Exchange.

5.            Subscription Agent.

6.            Buying and selling of stocks, bonds, and other securities listed and unlisted on the Kuwait Stock Exchange and other markets for the company's account, subject to compliance with legitimate shares, securities, and bonds rules established by the Fatwa and Sharia Supervisory Board of the company.

7.            Investment in real estate sector and direct contribution to the development of infrastructure for residential, commercial, and industrial areas, facility management under the BOT system, and other economic sectors.

8.            Borrowing on behalf of the company.

 

Text after amendment:

1.            (650210) Investment Portfolio Manager.

2.            (650220) Collective Investment Scheme Manager.

3.            (661904) Investment Consultancy.

4.            (650271) Securities Broker not Registered in Securities Exchange.

5.            (650230) Subscription Agent.

6.            (649917) Buying and selling of stocks and bonds for the company's account.

7.            (681010) Buying and selling of lands and real estate.

8.            (682022) Land and real estate management and development.

9.            (821124) Design, construction, operation, maintenance, and conversion of projects under the PPP system.

*These recommendations are subject to the approval of the competent authorities.

 

Financial impact of the development: Reduction of shareholders' equity and cash with banks by KD 1,000,000.