Kuwait - Mubasher: The extraordinary general meeting (EGM) of Mena Real Estate has approved reducing the company’s capital by KWD 11.4 million, from KWD 19.65 million to KWD 8.25 million, according to a bourse filing.

The company said in a statement to Boursa Kuwait on Wednesday that the capital cut is to write off accumulated losses which reached KWD 11.4 million by the end of March.

As per the statement, the KWD 8.25 million capital will be distributed over 82.5 million shares, with a par value of 100 fils per share.

Meanwhile, the meeting also approved the financial statements for the fiscal year than ended on 31 March 2017, as well as the board of directors’ recommendation not to distribute cash dividends gor the year.

The EGM approved the acquisition of up to 100% of the Rasmal Holding company shares.

After the announcements, Boursa Kuwait announced in an official statement resuming trade on the company’s stock beginning the session on Thursday 23 November.