Kuwait – Mubasher: Al Themar International Holding’s board recommended on Thursday the optional withdrawal from Kuwait Stock Exchange (KSE).
The company attributed the withdrawal recommendation to completing the restructuring procedures and weak trading on the company’s stock, adding to that the market capitalisation do not reflect the book value, according to a bourse filing.
On 20 October, Al Themar’s general meeting approved the optional withdrawal from the bourse, authorizing the board to choose the right time.
Kuwait’s Capital Markets Authority (CMA) gave approval for Al Themar to reduce the capital by 23.67% to KWD 77.82 million to offset the company’s accumulated losses.
Al Themar’s losses shrank 98.9% to KWD 28,450 in the third quarter of 2016 from KWD 2.53 million in Q3-15.
