Mubasher: The Capital Markets Authority (CMA) of Kuwait has approved National Investments Company’s request to reduce the capital to KWD 79.79 million from KWD 87.62 million.

The capital cut will be implemented through cancelling 78.35 million treasury shares, according to a statement on Monday to Boursa Kuwait.

National Investments will obtain regulatory approvals from authorities and the shareholders.

The company further noted that the total value of treasury shares after the capital reduction will be KWD 9.02 million.

National Investments may transfer the remaining value of the treasury shares reserve of KWD 25.41 million to voluntary reserves.

In March, the company’s board of directors proposed cutting the issued capital to KWD 79.786 million from KWD 87.621 million.