Mubasher TV
Contact Us Advertising   العربية

SAFTEC EGM approves capital cut to offset losses

SAFTEC EGM approves capital cut to offset losses
Photo Credit: Arabianeye - Reuters
OSOS
OSOS
7.18% 103.00 6.90

Kuwait – Mubasher: Al-Safat Tec Holding Company (SAFTEC) shareholders, in an extraordinary general meeting, endorsed the proposed capital decrease to KWD 26.82 million from KWD 40 million, the company said in a bourse filing Thursday.

The capital slash move is aimed to offset the company’s KWD 18.93 million accumulated losses.

These losses will be offset using both an issue premium worth KWD 4.637 million and the respective amounts of KWD 562,800 and KWD 560,800 out of the voluntary reserve.

The Kuwaiti multi-sector company turned to profits in 2014, with around KWD 145,800 ($486,200), against KWD 6.07 million ($20.24 million) losses in 2013.