Al Deera Holding Co. said it has obtained Kuwait's Capital Market Authority -CMA approval to offset accumulated losses amounted to KWD55.7 million ($189 million).

The company's accumulated losses account for 74.82% of its capital, said a bourse filing.

This losses will be offset partially by using the balance of the legal reserve for an amount of KWD995 thousands ,while the remaining amount will be offset through capital reduction.