(Kuwait Insurance Company): The Board of Directors approved an increase in capital by approximately 10.6 million dinars
Kuwait City, Aug 30 (KUNA) -- Dr. Abdulaziz Al-Shubayr, Chairman of the Board of Directors of Kuwait Aviation Services Company (KASCO), announced that the board had approved an increase in the company’s authorized, issued, and paid-up capital by approximately 10.6 million Kuwaiti dinars (about 34.3 million U.S. dollars).
In a statement to KUNA on Sunday following the Extraordinary General Assembly meeting of the company, Dr. Al-Shubayr said the total capital would rise from about 4.4 million dinars (approximately 14.2 million U.S. dollars) to around 15 million dinars (about 48.5 million U.S. dollars), representing a 241 percent increase.
He clarified that this capital increase is part of the company’s strategy to strengthen its financial position and support its future expansion and development plans, enabling it to continue growing and enhancing its operations and services in the aviation and ancillary services sector.
The increase will be implemented by issuing approximately 106.04 million bonus shares with a nominal value of 100 fils per share, deducted from the retained earnings balance as of December 31, 2025, and allocated to shareholders registered in the company’s records as of the date of the general assembly meeting.
He noted that the total number of shares would increase from 44 million to approximately 150.04 million shares, with the board authorized to handle any fractional shares, if any.
The Extraordinary General Assembly also approved a proposal to expand the company’s objects and activities and to regularize its status in accordance with international activity codes.
Dr. Al-Shubayr added that the assembly approved amendments to Article Five of the company’s memorandum of association and Article Four of its articles of association, aligning them with the evolution of KASCO’s operations and future directions.
These amendments included updating and expanding the list of the company’s objects, while maintaining its core activities, primarily catering and aircraft meal provisioning.
The company’s activities also include aircraft handling services at airports, management of air cargo warehouses, and international air cargo agency services, thereby broadening its service portfolio in the aviation and ancillary services sector.
He emphasized the board’s commitment to developing KASCO’s operations, diversifying its activities, and enhancing its competitiveness, enabling the company to capitalize on future opportunities and keep pace with changes in the aviation sector.
He explained that the decisions on capital increase and activity expansion aim to support growth and development plans, improve operational efficiency, and strengthen the company’s ability to achieve its future objectives and serve the interests of its shareholders.
These steps are part of KASCO’s strategy to reinforce its financial stability, expand its business scope, and diversify its activities, supporting growth and development plans and enhancing its capacity to adapt to future changes and opportunities in the aviation and ancillary services sectors.
The Extraordinary General Assembly meeting was attended by Chairman and Presiding Officer Dr. Abdulaziz Al-Shubayr, Vice Chairman Saleh Al-Rashid, Kuwait Airways Company representative Ahmed Al-Salem, and Ernst & Young representative Mohammed Al-Saleem. (End) M.Z./T.A.B.
