Gulf Bank's Extraordinary General Assembly Approves Increasing the Company’s Authorized Capital by KD 150 million
The assembly was held yesterday with an attendance quorum of 76%
The Extraordinary General Assembly of Gulf Bank’s shareholders was held yesterday with an attendance quorum of 76% , in the presence of Gulf Bank’s Chairman, Mr. Jassim Mustafa Boodai . The assembly approved the increase of the authorized capital ,and approved to amend two articles: Article four in the Memorandum of Agreement (MOA) and Article five in the Articles of Association (AOA).
The assembly approved increasing the company’s authorized capital from KD 336,056,100.600 (Three Hundred and Thirty-Six Million, Fifty-Six Thousand, One Hundred Kuwaiti Dinars and 600 Fils) to be 486,056,100.600 ((Four Hundred Eighty-Six Million, Fifty-Six Thousand, one hundred Kuwaiti Dinars and 600 Fils) by KD 150,000,000 (One Hundred and Fifty Million Kuwaiti Dinars), divided into 4,860,561,006 shares of 100 Fils each.
These measures enable Gulf Bank to obtain the necessary approvals to conduct its banking business, and to accommodate any potential bonus share distribution, that may be approved by the bank's Extraordinary General Assembly in the upcoming years.