Mubasher: Boubyan International Industries Holding registered an increase of 1,280.4% in losses during its fiscal year that ended on 31 July 2018 when compared to the prior fiscal year.

Losses deepened to KWD 7.3 million ($24 million) in fiscal year ended on 31 July 2018 compared to about KWD 528,840 ($1.75 million) in the prior fiscal year, according to a bourse statement on Monday.

The annual losses are attributed to a lower value of available-for-sale assets in addition to a decline in an investment in Boubyan International’s associate.

Boubyan International’s board members have recommended on Monday withholding dividends distribution and bonus shares for fiscal year ended on 31 July 2018.

The board members approved increasing the authorised capital to KWD 15 million from KWD 7.2 million, this value will be distributed on 150 million shares at a par value of 100 fils each.

At the stock level, Boubyan International closed Monday’s session 5% lower at 26.9 fils.