The Board of Directors meeting of The Securities House Company was held on Thursday, March 28, 2024 at 01:30 pm. During the meeting the following topics on the agenda were discussed and approved:
1. Approval of the financial statements for the year ended 31 December 2023.
2. Recommendation to the General Assembly of the Company's shareholders not to distribute dividends for the financial year ended 31 December 2023.
3. Recommendation to the General Assembly of the Company's shareholders to cancel a portion of 5,000,000 shares of the existing treasury shares as at 31 December 2023 and amortize their cost of KD 342,851, as follows:
First: An amount of KD 500,000 representing the nominal value of the cancelled treasury shares is deducted from the company's capital, and 5,000,000 shares are cancelled from the share capital.
Second: The difference of KD 157,149 is added to the retained earnings balance.
As a result, the company's capital totals KD 41,000,000, divided among 410,000,000 shares, each valued at one hundred fils.
The recommendation to the General Assembly of the company's shareholders is to reduce the company's declared, issued, and paid-up capital from KD 41,000,000 to KD 40,000,000 in cash, in exchange for paying KD 1,000,000, representing 2.4390243902439% of the capital, to the shareholders in return for cancelling 10,000,000 shares of the capital stock at their nominal value.
The impact of the essential information on the company's financial status involves alterations in shareholders' equity reflecting the period's financial results and capital reduction.
