Mubasher: The Capital Markets Authority (CMA) of Gulf Investment House (GIH) approved restricting the company’s KWD 16.42 million capital, according to a bourse filing on Sunday.

The CMA agreed on the restructuring through offsetting about KWD 343,090 as part of the total KWD 10.67 million accumulated losses as on 31 December 2017 by using the entire legal reserves.

GIH will shrink its capital by 62.88% or KWD 10.32 million to KWD 6.1 million from KWD 16.42 million. This step will be following by a capital increase of 566.85% or KWD 34.55 million to become KWD 40.65 million from KWD 6.1 million.

At the stock level, GIH closed Sunday’s session at 17.5 fils.