Kuwait-Mubasher: Ajwan Gulf Real Estate will hold its ordinary and extraordinary general meetings (OGM and EGM) on 23 June, 2016 to consider decreasing the capital as well as electing new board members.

The EGM will discuss shrinking the capital to KWD 7.338 million from KWD 10 million, according to a statement issued Tuesday.

The shareholders will consider offsetting KWD 3.3 million accumulated losses registered on 31 December, 2015, through the legal and voluntary reserves which stand at KWD 538,000 and KWD 98,010 respectively. Thus, KWD 2.66 million will remain from the accumulated losses.

Meanwhile, the OGM will discuss the board’s resignation as well as electing new board members for the coming three years, the statement added.

Ajwan’s stock gained 5.17% or 1.5 fils to reach 30.5 fils by 12:05 pm Kuwait time.