11 July 2018
Global proposes KWD 7.5 million cash distribution to shareholders by capital reduction
Global announced the resolution of the board of directors’ meeting held today Wednesday 11 July 2018. In backdrop of continued profitability in the past five years, accompanied with a conservative asset allocation, high levels of cash and other liquid assets on the balance sheet, the board of directors has proposed a KWD7.5 million cash distribution to shareholders by capital reduction. The BoD’s proposal is subject to the regulatory and shareholders’ approval in the extra-ordinary general assembly of the shareholders. The capital reduction will be implemented by cancelling 75 million shares and shareholders will be paid KWD 0.100 cash for each share cancelled. The share cancellation will be applied pro-rata to the holdings of all shareholders excluding the Treasury Shares. On conclusion of the capital reduction, the authorized, issued and fully paid share capital of the Parent Company will be reduced to KWD 49.5 million. Following the distributions, the Company will have adequate capital and liquidity to fund its core fee business. The Board of Directors also approved the resignation of Maha Al-Ghunaim and Bader AL-Sumait from their membership in the Board, thanking them for their active contribution and added value. In addition, Abdul wahab Al-Halabi was elected as Vice Chairman and Sulaiman Mohammed Al-Rubaie was named as Interim CEO.
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