Mubasher: International Financial Advisors’ (IFA) board of directors approved a proposal to amortise accumulated losses at a value of KWD 57.3 million ($189 million) during a meeting held on Tuesday.

The loss amortisation will be carried out through using the share premium, in addition to a partial decrease in the company’s capital, according to a statement released on Wednesday.

IFA, listed on Boursa Kuwait and the Dubai Financial Market (DFM), will implement this decision after obtaining the approvals of the company’s general assembly and regulatory authorities.

The firm’s losses increased by 557% to KWD 4.66 million in the first quarter of 2019.

In 2018, IFA’s losses surged 248.1% to KWD 19.25 million from KWD 5.53 million a year ago.