Mubasher: Gulf Franchising Holding on Monday announced that its shareholders had approved shrinking the capital by KWD 2.3 million to about KWD 949,880 from KWD 3.25 million during an ordinary general meeting (OGM) held the previous day. 

The capital cut will be undertaken to offset accumulated losses as registered on 31 December, 2017, according to a bourse statement.

The shareholders also nodded to the board’s recommendation to increase the capital by KWD 3.05 million to KWD 4 million by issuing 30.5 million shares at a par value of 100 fils per share and without issue premium.