Mubasher: The extraordinary general meeting (EGM) of Kuwait and Gulf Link Transport (KGL) on Tuesday approved increasing its authorised paid up capital from KWD 26.43 million to KWD 27.75 million.

The KWD 1.32 million increase would be raised by issuing 13.21 million shares, which represent 5% of the authorised paid up capital (5 shares for every 100 shares), the company said in a statement to Boursa Kuwait.

These shares would be distributed as bonus shares to the registered shareholders 24 October 2017.

The board will be authorised to handle the fractions of the shares resulting from the distribution process and modify the decided timetable for applying the decision.

The EGM also agreed to amend articles 5 and 6 of the company statute to be in line with the decision, as well as Article 14, which stipulates how the board members are chosen.