Mubasher: The International Financial Advisors (IFA) disclosed that its accumulated losses as registered on 30 June 2019 represent 82% of the capital.

The company, listed on both Boursa Kuwait and the Dubai Financial Market (DFM) noted that the extraordinary general meeting (EGM) approved for trimming the accumulated losses of KWD 57.299 million which represented 79.6% of the capital, before the reduction took place on 31 March 2019, by using KWD 11.97 million worth of issue premium.

Furthermore, offsetting IFA’s losses should be carried out through a partial reduction of the capital by KWD 45.32 million.

Thus, the capital after reduction will stand at KWD 26.67 million distributed on 266.732 million shares.

IFA noted that the financial impact of offsetting the losses will reflect on the income statements of the third quarter this year.