Mubasher: The extraordinary general meeting (EGM) of Boubyan International Industries Holding approved shrinking the capital and using the legal reserve to offset its accumulated losses.

The company will reduce the capital to KWD 15 million from KWD 30 million by cancelling 150 million shares at a value of 100 fils each, according to a bourse statement issued on Thursday.

Boubyan International’s shareholders approved using the entire legal reserves of KWD 3.83 million to offset the company’s accumulated losses.

The EGM also agreed to raise the number of the board members to seven instead of five, the statement noted.