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Dalqan shareholders to discuss capital hike

Dalqan shareholders to discuss capital hike
The EGM will consider a proposal to raise the capital to KWD 5.5 million (Photo credit: Arabianeye - Reuters)
DALQAN
DALQAN
-2.19% 134.00 -3.00

Kuwait – Mubasher: Dalqan Real Estate Company said Sunday that its ordinary and extraordinary general meetings (OGM, EGM) will gather today to discuss increasing the capital through issuing bonus shares.

The EGM will consider a proposal to raise the company’s capital from KWD 5 million to KWD 5.5 million through distributing 55.027 million bonus shares with a nominal value of 100 fils, according to a bourse filing.

The EGM will also look into amending the article number (6) in the company’s memorandum of association and article number 5 in the statute.

Meanwhile, the OGM will discuss the financial statements of fiscal 2015, and transferring KWD 45,000 from the reserve account to the retained profits account, as well as electing a new board of directors for the next three-year term.