With reference to the abovementioned subject, and the CMA regulations issued on November 9, 2015, module number ten”disclosure and transparency” on the disclosure of material information. Following our previous disclosure dd: 03/06/2019, regarding the results of the ordinary & extra-ordinary general Assembly held on 3/6/2019 for the financial year ending 31/12/2018. NIC announces receiving CMA approval dd: 26/6/2019 on the amendment of the company’s data as follows:-
• Amendment of article 6 from memorandum of Associations & article #5 from the company’s by laws.
• Capital reduction from 87,621,334/800 to 79,786,210/300.
• Transferring the remaining balance from treasury shares reserve 25,408,462/584 after deducting the difference of higher treasury shares with higher cost than book value to optional reserve.
Consequently, treasury shares reserve becomes zero, and the optional reserve for 25,408,462/584 KD.