Mubasher: The board of First Dubai Real Estate Development Company, a subsidiary of Al Mazaya Holding, has approved to sell all shares of a subsidiary company in Saudi Arabia in exchange for KWD 15.5 million.

The board has also agreed on setting off the entire accumulated losses, the company disclosed to Boursa Kuwait on Sunday.

As a result of setting off accumulated losses, the company will also cut its capital from KWD 100 million to KWD 74.129 million.