By: Ahmad Awad

Kuwiat-Mubasher: Al-Safat Tec Holding’s ordinary general meeting (OGM) approved freezing dividends for the fiscal year 2014.

The OGM agreed on offsetting losses by KWD 5.7 million so that accumulated losses stand at KWD 13.17 million compared to KWD 18.94 million on 31 December, 2014.

Capital decrease by 30% will follow the process of offsetting Al-Safat’s accumulated losses, once the Capital Market Authority gives approval, said CEO Khaled Al-Noury.

Al-Safat considers reducing revenues cost and increasing operating revenues in the coming period, the CEO said, adding that the company owns investment portfolio worth KWD 5 million.