Mubasher: Sultan Center Food announced the approval of the Capital Markets Authority (CMA) for the prospectus of the private placement on issuing KWD 15 million worth of convertible bonds to ordinary shares in the company’s capital.

The company will coordinate with the lead manager to complete the procedures for the bonds issue and disclose any details in a timely manner, according to the bourse statement on Tuesday.

It is noteworthy to mention that in September, Sultan Center Food received the CMA’s approval to issue convertible bonds in its capital.

In November, the CMA agreed to cut the issued and paid-up capital of the company to offset part of the accumulated losses.

During the first nine months of 2019, the company’s profits reached KWD 1.07 million, down 78% from KWD 4.86 million in the same period last year.