KPTC capital cut from KD 49mn to KD15 million

The Kuwait Public Transportation Company (KPTC) has approved to reduce the company’s capital from KD 49 million to 15 million based on the proposal of its Board of Directors to reduce KD 34 million to address the accumulated losses.

The proposal was based on the financial statements that ended on December 31, 2020 amounting to KD 36.5 million, leaving a loss amount of KD 2.5 million, reports Al-Nahar daily.

This came after amending article No. 6 and article No. 5 related to the company’s capital. One among the company’s purposes is carrying out land transportation, private transportation of all kinds inside and outside Kuwait, and marine transportation between the Kuwaiti islands for passengers and baggage.

It was highlighted during the special general assembly that the company’s capital was determined after the amendment to be KD 15 million, distributed over KD 150 million shares.

The value of each share is 100 Kuwaiti fils, and all shares are cash. The company will also be involved in the purchase, use and sale of all types of buses and any means necessary for mass, land and sea transportation services.

The company will also establish any industry related to land and sea mass transportation. 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.