Al Arabiya Real Estate’s shareholders consent to underwrite $32.3m loss

Al Arabiya Real Estate’s shareholders consent to underwrite $32.3m loss
The firm reported a 5.6% decline in losses in Q4
ARABREC
ARABREC
8.50% 31.90 2.50

Mubasher: Al Arabiya Real Estate’s (ARABREC) general assembly has approved the underwriting of KWD 9.8 million ($32.34 million) deferred loss.

The Kuwait-listed company’s loss will be underwritten by an optional reserve of KWD 4.5 million ($14.85 million) and an issuance premium of KWD 5.2 million ($17.16 million), according to the Kuwait News Agency (KUNA).

The firm reported a 5.6% decline in losses during the fourth quarter of 2018, compared to the year-ago period.

ARABREC’s losses hit KWD 920,000 ($3.04 million) during Q4-18, down from KWD 975,000 ($3.22 million) in Q4-17.