Mubasher: The Kuwaiti Capital Markets Authority (CMA) has approved the capital reduction of Sultan Center Food to KWD KWD 28.941 million, according to a bourse filing on Thursday.

The company’s board of directors previously recommended cutting the issued and paid-up capital by 50% to KWD 28.941 million from KWD 57.883 million.

Aiming to offset part of the accumulated losses of KWD 42.156 million, the company will cancel 289.41 million shares to amortise KWD 28.941 million out of the total accumulated losses since the end of 2018.