Kuwait-Mubasher: Metal and Recycling will hold its ordinary and extraordinary general meetings on Sunday to discuss the financial results as well as trimming the accumulated losses.

The EGM will consider offsetting KWD 6.6 million accumulated losses as registered on 31 December, 2015, the company said in a statement issued on Sunday.

These losses accounted for three quarters of the capital paid-up in the issue premium, the statement said, adding that the EGM will also consider decreasing the issue premium to KWD 5.09 million from KWD 11.69 million.

Meanwhile, the OGM will look into the financial statements of the fiscal year ended 31 December, 2015 as well as the report made by the board and auditors.

Metal and Recycling’s shareholders will review the board’s approval for issuing bonds in Kuwaiti dinar or other currencies, subject to the maximum legal level.