Mubasher: The ordinary general meeting (OGM) of Danah Al Safat Foodstuff approved on Thursday, 15 February, to decrease its capital by 48.48%.
Danah Al Safat will shrink its capital by KWD 14 million to KWD 14.875 million from KWD 28.875 million by cancelling 140 million shares, according to a bourse statement on Sunday.
The Boursa Kuwait-listed company noted that the maturity date will be on Tuesday, 3 April 2018, while the distribution date will be on 26 April.
Danah Al Safat’s OGM also approved offsetting accumulated losses worth about KWD 957,540 as registered on 30 September 2017, the statement added.
Moreover, the shareholders also approved with majority the last instalment accounting for 15% of the total value from selling Lebanon’s F&B Venture Holding.
The OGM noted that the company will pay the expenses and liabilities worth $4.5 regarding this deal as disclosed on 18 October 2017; the final amount which Danah Al Safat will receive will total $3.32 million out of $7.82 million.
