In follow up to our former disclosure, NIC announces that it has received an approval from the Capital Markets Authority to reduce the company’s authorized and paid capital from 87,621,334.800 KD to 79,786,210.300, by writing off treasury shares entirely as of 31/12/2018, totaling 78,351,245 shares, with a nominal value of 100 fils per share, subject to carrying out the necessary procedures to obtain the approvals of the relevant regulatory bodies and Annual General Meeting of the company’s shareholders.

– The total carrying value of the treasury shares is 9,014,691.943 KD.

– Following the write-off, the excess value of treasury shares’ carrying value over their nominal value, in the amount of 1,179,567.443 KD, will be amortized from the treasury shares’ reserve, which equals 25,408,462.584 KD.

– The company intends to transfer the balance amount of 25,408,462.584 to the voluntary reserve.