Specialities Group to consider offsetting KWD 3m losses

Specialities Group to consider offsetting KWD 3m losses
Specialities Group will reduce an amount in the KWD 15.59 million issue premium
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4.05% 72.00 2.80

Mubasher: Specialities Group Holding will hold its ordinary general meeting on 2 May to discuss the board’s recommendation of offsetting the company’s losses until 31 December 2018.

The company’s losses until the end of fiscal year 2017 on 31 December totalled KWD 2.98 million, according to a bourse statement on Monday.

Specialities Group will reduce an amount in the KWD 15.59 million issue premium, following this step, the issue premium will include KWD 12.60 million after offsetting the losses.

The shareholders will also consider the FY17 income statements in addition to looking into the board’s recommendation of not distributing dividends.

In FY17, Specialities Group incurred a loss of KWD 3.003 million compared to KWD 3 million in FY16.