Written by: Ahmed Awad

IFA Hotels and Resorts shareholders approved to withhold dividend and offset accumulated losses.

The company's shareholders gave a nod to offset accumulated losses of nearly KWD 28.7 million through using the whole legal reserve that amounts to KWD 14.22 million and the optional reserve that stands at KWD 11 million, in addition to part of the issuance allowance with amount of KWD 2 million.   

IFA eager to start two new projects in UAE in 2015, said Talal Al Bahar company's chairman on the sideline of the shareholders meeting.

IFA Hotels is capitalised at KWD 63.54 million, distributed across 635.4 million shares at 100 Kuwaiti fils par value each.

Translated by: Shaimaa ELSarky