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Mena Real Estate nods to KWD 1.5m capital cut

Mena Real Estate nods to KWD 1.5m capital cut
Mena Real Estate will reduce the capital to KWD 13.84 million
MENA
MENA
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Mubasher: The ordinary general meeting (OGM) of Mena Real Estate approved shrinking its capital by KWD 1.46 million which represents the value of the unsubscribed shares by the shareholders of Rasmal Holding Co.

Mena Real Estate will reduce the capital to KWD 13.84 million from KWD 15.3 million, according to a bourse statement on Monday.

The company added that maturity date is on 16 September 2019, while the distribution date will be 17 September 2019.

It is noteworthy that Mena Real Estate incurred a loss of about KWD 731,780 in the fiscal year that ended on 31 March 2018, 249% higher than approximately KWD 209,580 in the same period last year.