Mubasher: The Capital Markets Authority (CMA) approved on Tuesday for Kuwait Foundry to reduce its capital by 53%.
Kuwait Foundry will cut its capital by KWD 8.155 million to KWD 7.233 million from KWD 15.388 million, the company said in a statement to Boursa Kuwait on Wednesday.
The company added that the capital reduction will be through 81.558 million shares write-off at a nominal value of 100 fils per share, which will be paid to the shareholders on the maturity date.
It is worth noting that this capital cut was considered as the cancelled amount represents a surplus to the company’s need.
