Mubasher: Kuwait’s Capital Markets Authority (CMA) clarified that it cannot resolve in the current time the decision over Arzan Financial Group for Financing and Investment’s capital cut request.
The final decision will be subject to the completion of regulations governing the reduction process, which the CMA is currently preparing, according to a bourse statement on Tuesday.
The announcement will have no material impact on Arzan’s financial position.
In November, the company announced the goals behind its capital cut decision and the board recommended reducing the capital to KWD 29 million from KWD 80.288 million.
It is worth noting that in the first nine months of 2019, Arzan registered KWD 3.95 million worth of net profit, 56.1% higher than KWD 2.53 million in the corresponding period a year earlier.
