Mubasher: KAMCO Investment Company has expected a KWD 7.46 million ($24.53 million) decline in retained earnings after the extraordinary general meeting (EGM) of Global Investment House nodded to a capital decrease, according to a bourse statement released on Wednesday.

Global’s shareholders approved the cancellation of treasury stocks amounting to 13 million shares and accepted the board’s recommendation to merge with KAMCO, dissolute the company, and transfer its financial clearance to KAMCO.

Yesterday, KAMCO Investment Company announced that its shareholders assented all matters pertaining to the draft merger contract with Global Investment House.

KAMCO reported a 66.3% year-on-year increase in profits during the second quarter of 2019, recording KWD 532,330.