Mubasher: The board members of Gulf Investment House (GIH) recommended a capital reduction to trim the company’s accumulated losses as registered on 31 December 2017.

GIH’s board proposed a decrease to KWD 6.09 million from KWD 16.40 million, according to a bourse statement on Tuesday.

The company’s accumulated losses totalled KWD 10.67 million, while the legal reserve stands at nearly KWD 343,090.

Following the procedure to shrink the capital, GIH will increase its capital to KWD 40.65 million from KWD 6.09 million by capitalising the debt origin which is worth KWD 34.55 million.

GIH’s shareholders’ equity rights will rise to KWD 42.24 million.

At the stock level, GIH closed Tuesday’s session 15% higher at 20.7 fils.