Mubasher: The ordinary general meeting (OGM) of KGL Logistics on Thursday has approved increasing the company’s authorised paid up capital from KWD 66.68 million to KWD 70.01 million, equivalent to a KWD 3.33 million rise.
The capital increase would be funded through issuing 33.33 million shares, representing 5% of the authorised paid up capital (5 shares for every 100 shares). Those would be distributed as bonus shares, the company said in a bourse statement.
Shares would be distributed to the registered shareholders by 12 October 2017 and the bonus shares would be distributed by 19 October 2017, the company added.
The OGM also amended Article 6 in the articles of association, and Article 5 of the bylaws, to be in line with the capital increase.
