National Real Estate (NRE) on Monday announced that its shareholders had approved increasing the company’s share capital by 25.06% during a meeting held in the previous day.
The company will raise the issued share capital within the limit of the authorised capital to KWD 136.142 million from KWD 108.86 million, according to NRE’s statement to Boursa Kuwait.
NRE will allocate the new shares to the benefit of the Agility Investment Holding Limited through the conversion of the outstanding debt owned by the company to the debtor shares.
Moreover, the increase will be covered by converting the outstanding loan into shares with the current shareholders waving their preemption rights to subscribe for the new shares, the statement added.
By 09:51 am Kuwait time, NRE’s stock declined 0.94% at 105 fils.