Mubasher: Al Mal Investment Company’s board of directors has approved and proposed to change the company’s position and activities to a holding firm from an investment one.

The said change was proposed during the board’s meeting on 26 September and it shall be subject to shareholders’ approval, according to a disclosure to Boursa Kuwait on Sunday.

The firm’s shareholders will be invited to an ordinary general meeting’s (OGM) to discuss the new updates.

The company further remarked that the financial impact cannot be determined at the moment.

It is worth highlighting that during the second quarter of 2019, Al Mal Investment incurred 6.2% year-on-year higher losses amounting to KWD 705,330 ($2.33 million), compared to about KWD 664,000 ($2.19 million) in Q2-18