IFA to offset KWD 57m accumulated losses; trading resumes

Mubasher: The shareholders of the International Financial Advisors (IFA) approved to offset the company’s accumulated losses of KWD 57.3 million as registered on 31 March 2019.

During the ordinary general meeting (OGM) on Thursday, the shareholders agreed to offset the losses through KWD 11.97 million worth of issue premium as well as a partial reduction of the capital by KWD 45.33 million.

Following the partial cut, IFA’s capital will stand at KWD 26.67 million divided on 266.73 million shares, according to a bourse disclosure on Sunday.

In a separate statement to the stock market, IFA said that the impact of the capital reduction is expected to be registered in the third quarter of 2019.

Boursa Kuwait announced that trading on IFA’s stock has resumed on Sunday following the disclosure of fully offsetting the accumulated losses.

In May 2019, IFA announced KWD 4.66 million worth of losses during the first quarter of this year, a year-on-year increase of 557%.

During fiscal year 2018, IFA registered losses of KWD 19.25 million, up by 248.1% from the KWD 5.53 million losses in FY17.

It is worth mentioning that IFA is dual-listed on Boursa Kuwait and the Dubai Financial Market (DFM).

Mubasher Contribution Time: 21-Jul-2019 07:40 (GMT)
Mubasher Last Update Time: 21-Jul-2019 07:42 (GMT)