Mubasher: The board of Asiya Capital Investments Co approved on Wednesday to reduce the paid-up capital to KWD 65.73 million from KWD 80 million, according to a bourse filing issued on Thursday.
The board members has agreed to shrink the capital in order to offset the company’s accumulated loses worth KWD 14.72 million as registered on 31 December 2016.
Trimming Asiya Capital’s losses will be through canceling 142.71 million shares.
Asiya Capital’s board members also nodded to adding a new article to the company’s statute, allowing the firm to purchase its treasury shares with a maximum of 10% or less of its issued shares at the market value.
The company will hold its extraordinary general meeting (EGM) to discuss approvals from the Capital Markets Authority (CMA) as well as the commerce and industry ministry of Kuwait.
