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Al Mazaya's OGM agrees to extinguish KWD 4m accumulated losses

Al Mazaya's OGM agrees to extinguish KWD 4m accumulated losses
The company's accumulated losses represent 5.42% of the capital
MAZAYA
MAZAYA
-0.33% 60.00 -0.20

Mubasher: The ordinary general meeting (OGM) of Al Mazaya Holding has approved to write off the accumulated losses valued at KWD 3.73 million as of 31 December 2020.

The company's accumulated losses, which represent 5.42% of the capital, will be extinguished by reducing the balance of the share premium to KWD 17.92 million from KWD 21.66 million, according to a bourse filing on Monday.

This decision will not have a financial impact on the company and will not lead to any change in shareholder equity.

It is noteworthy to mention that in 2020, the company reported an around 3% decline in net losses attributable to the parent company's shareholders to KWD 8.48 million, compared to KWD 8.77 million in 2019.