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Kuwait's Global House EGM approve capital cut

Kuwait's Global House EGM approve capital cut
Global
GLOBAL
-2.02% 121.00 -3.00
Kuwait's Global Investment House (GFH) announced that its Extraordinary General meeting has approved capital cut by KWD94.7 million equivalent to 946.967 million shares.

GFH will undergo capital reeducation to offset accumulated losses amounted to KWD94.696 million, said a bourse statement.

Accordingly, the company's paid -up capital will be KWD79.923 million distributed over 799.233 million shares at par value of KWD100 fils per share.

This will allow the firm to use an accountancy technique to nullify its entire amount of accumulated losses up to 31 December 2013.

The reduction in Global's paid-up capital will be applied pro-rata to all shareholders but will have no impact on the total balance of equity attributable to the equity holders of the parent company, added the statement.