Al Deera Holding announced that its board of directors has issued a recommendation to cut the company's capital in order to offset accumulated losses, said a bourse statement.

The company's capital will be reduced from KWD74.44 million distributed over 744.46 million shares to KWD19.7 million distributed over 197.38 shares.

The recommendation is subject to the company's General Meeting aproval , added the statement.

The company's financial results for the first nine months of 2014 ,has reflected KWD1.18 million loss against KWD5.73 million profit for the same period of previous year.