By: Ahmad Awad

Kuwait-Mubasher: The ordinary general meeting (OGM) of Al-Deera Holding decided to trim its accumulated losses by reducing the capital from KWD 74.4 million ($248.10 million) to KWD 19.7 million ($65.69 million).

Al-Deera’s losses totaled KWD 55 million by the end of September 2014.

“The firm’s losses were due to a decline in the investment portfolio since 2008 and 2009,” said Chairman of Al-Deera Holding Talal Al-Bahar.

“Al-Deera is running negotiations with several creditors to settle its debts, as the firm’s total debt exceeds KWD 27 million,” Al-Bahar told Mubasher in an exclusive comment.

“In order to ease the debt burden, the firm plans to exit and reconstruct its investments in local companies,” added the Chairman.

“The step taken to decrease the capital by 74% was to preserve the rights of equity shareholders,” stated Al-Bahar.

Al-Bahar added that the firm’s operating performance is based on its subsidiaries. He noted that the subsidiaries’ performance is good, especially in KSA.

Translated by: Ingy ElSafy