Kuwait – Mubasher: Metal and Recycling Company (MRC) said its shareholders approved a capital increase of 21.12% through bonus shares, raising capital to KWD 10 million from KWD 8.26 million.

Shareholders also approved the recommendation to transfer KWD 1.74 million to the retained profit and loss account so that capital becomes KWD 10 million, added to carrying out the necessary amendments to MRC’s articles of association to be in line with the new capital hike, according to a filing to Boursa Kuwait.

MRC last reported a loss of KWD 206,110 in the second quarter of 2017, against KWD 101,590 in profits in the corresponding period of 2016.