Kuwait-Mubasher: Al Safat Energy’s ordinary general meeting agreed on decreasing its capital to KWD 20 million ($66.34) from KWD 60.3 million ($200.03 million), according to a recent statement.
The move will help the company to offset KWD 40.3 million ($133.68 million) will of its accumulated losses for the period ended of 30 June, 2015.
Kuwait Stock Exchange (KSE) will suspend trading on the stock starting from 10 April, until the company updates its accounts in the shareholders’ registry in Kuwait Clearing Company.
The stock fell 7.14% to 13 fils, after 11.18 million shares were traded with a value worth of KWD 149,800.
