Mubasher: The ordinary general meeting (OGM) of Hits Telecom Holding approved changing the company’s name to AAN Digital Service Holding Company, according to a bourse statement issued on Sunday.

The shareholders of Hits Telecom, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), also approved not to distribute dividends for fiscal year 2016.

Hits Telecom posted a decline of 5.3% in losses to KWD 5.38 million during FY16, compared to KWD 5.68 million in the previous fiscal year.

At the stock level, Hits Telecom closed Sunday’s session at 38.6 fils on Boursa Kuwait, while it rose 2.04% to AED 0.551 on the DFM.