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Kuwait Foundry’s board proposes 53% capital cut

Kuwait Foundry’s board proposes 53% capital cut
Kuwait Foundry’s capital will become KWD 7.233 million
KFOUC
KFOUC
-1.22% 243.00 -3.00

Mubasher: The board members of Kuwait Foundry approved, during their meeting on Tuesday, to reduce the capital by 53% or KWD 8.156 million.

Once this recommendation is approved, Kuwait Foundry’s capital will become KWD 7.233 million from KWD 15.388 million, according to a bourse filing on Wednesday.

The company’s board also approved to shrink the issue premium by 53% to KWD 8.037 million from KWD 17.1 million, while the reduced amount worth KWD 9.063 million will be distributed on the shareholders.

Furthermore, Kuwait Foundry’s board of directors recommended to slash the compulsory reserve by 50% to KWD 3.616 million from KWD 5.463 million, and also distribute the reduced amount worth KWD 1.847 million on the shareholders.

The reduction decision will impact the shareholders’ equity rights and current assets with an amount of KWD 19.066 million.