Mubasher: Yiaco Medical Company has completed capital cut procedures to amortise its entire accumulated losses worth KWD 24 million as registered in the period ended 31 December 2019.  

Following a reduction of KWD 16.47 million, the new capital will amount to KWD 1.7 million from KWD 18.2 million, after utilising all of the company’s reserve balance totalling KWD 7.52 million, according to a bourse statement on Tuesday.

Total new shares of the company will shrink to 17.1 million shares from 181.9 million.

The medical firm further referred that the impact of decreasing the capital will reflect on the financials of the first quarter (Q1) of 2020.

In January, the shareholders of Yiaco Medical approved amortising the company’s losses during an extraordinary general meeting (EGM).