The public transport company approved reducing the company’s capital from 49 million to 15 million dinars based on the proposal of the Board of Directors, to reduce it by 34 million dinars to address the accumulated losses based on the financial statements ending on December 31, 2020 which fell to 36.5 million dinars, a loss of 2.5 million dinars.
The extraordinary general meeting explained that the company’s capital was determined after the amendment, at 15 million dinars, distributed over 150 million shares, and the value of each share is 100 Kuwaiti fils (all shares in cash) after amending Article No. 6 of the articles of incorporation and Article No. 5 of the related articles of the company’s capital.
One of the company’s tasks is the purchase, exploitation and sale of all types of buses and any means necessary for mass, land and sea transportation services, and the company also establishes any industry related to land and sea mass transportation or is related to them.
It is also one of the company’s purposes to rent and lease any means of transportation necessary to carry out mass or land public transportation services.