The Extraordinary General Assembly Meeting (EGM) of the Metal and Recycling Company, which was held on the 31st of July 2018, approved the Board’s recommendation of increasing the authorized share capital from KWD 10 million to KWD 20 million, which is equivalent to a 100% increase.
Authorized share capital will increase, as a result, by 100 million shares at a total value of KWD 10 million, bearing in mind that the additional shares will have a nominal value of 100 fils per share.
In addition, the EGM has also approved the amendment of Article (6) of the Articles of Association and Article (5) of the Memorandum of Incorporation to coincide with the increase in the share capital.
During their meeting held on the 27th of March 2018, the Board of Directors of the Metal and Recycling Company had proposed raising the authorized share capital and making the above-mentioned amendments to the Articles of Association and Memorandum of Incorporation.
