Mubasher: The annual general meeting (AGM) of Al Massaleh Real Estate has approved the board’s proposal of cutting the company’s accumulated losses of KWD 17.3 million by KWD 12 million, according to a statement to Boursa Kuwait on Sunday.

The reduction will be implemented through the use of voluntary reserve of KWD 3.8 million and issuance premium of KWD 8.2 million, Al Massaleh said.

The general assembly approved the board’s recommendation of not paying remuneration to board members for fiscal year 2018, as well as not distributing cash dividends to shareholders.

In the first quarter of 2019, Al Massaleh had incurred losses of KWD 2.32 million ($7.65 million), versus KWD 2.63 million ($8.67 million) in Q1-18.