Mubasher: The ordinary general meeting (OGM) of Securities House approved decreasing 6.25% or KWD 3 million of the paid-up capital.

Securities House will shrink its capital to KWD 45 million from KWD 48 through cancelling 30 million shares, according to a bourse statement on Thursday.

The KWD 3 million reduction amount will be paid on 22 May to the shareholders of record date 17 May.

The financial impact of decreasing the capital will be reducing the shareholders equity by KWD 3 million, the statement added.

At the dividends level, the shareholders approved zero cash dividends for fiscal year 2017.

In FY17, Securities House posted a decline of 97.1% in profits to about KWD 22,130 compared to nearly KWD 757,620 in the previous fiscal year.

The OGM also elected new board members for the coming three years.