Mubasher: Asiya Capital Investments Co said that the Capital Markets Authority (CMA) of Kuwait approved the 17.8% reduction in the company’s capital.
The Boursa Kuwait-listed company will shrink its capital by KWD 14.27 million to KWD 65.73 million from KWD 80 million, according to a statement on Tuesday.
This capital cut will be executed through cancelling 142.7 million of Asiya Capital’s shares at a par value of 100 fils each.
Asiya Capital clarified that this reduction will be undertaken for offsetting the accumulated losses as registered on 30 December 2016, subject to the approval of the extraordinary general meeting (EGM).
At the stock level, Asiya Capital closed Tuesday’s session 1% higher at 40.4 fils.
