Kuwait – Mubasher: Boubyan International Industries Holding’s board has recommended on Wednesday a capital reduction by 50%.
The board proposed to decrease the capital to KWD 15 million from KWD 30 million, the company said in a bourse statement issued on Thursday.
Boubyan clarified that the reduction will follow the approval of the ordinary and extraordinary general meetings as well as the regulatory entities, the company said, noting that the decrease will be used for offsetting the accumulated losses.
On the stock level, Boubyan ended Thursday higher by 2.7% to reach 19 fils, after 7.61 million shares were exchanged at a value of nearly KWD 139,100.
