Mubasher: Boursa Kuwait announced that it will suspend trading on the stock of the International Financial Advisors (IFA) commencing Monday, 19 August, until Sunday, 25 August 2019.
The trading suspension of IFA’s stock is due to the decision made by the general meeting to cut the capital, Boursa Kuwait added in a statement on Sunday.
Trading on IFA’s stock should be resumed on Monday, 26 August, after finalising the procedures of the capital reduction, the stock market added.
On 15 August, IFA stated that it has registered the new capital amounting to KWD 26.67 million, aiming to write off the accumulated losses representing 82% of the capital as on 30 June 2019.
It is worth noting that IFA is dually listed on Boursa Kuwait and the Dubai Financial Market (DFM).