Kuwait-Mubasher: The ordinary and extraordinary general meetings of Arzan Financial Group for Financing and Investment agreed on offsetting KWD 4.09 million accumulated losses registered on 31 December, 2015.
Arzan will trim its accumulated losses through about KWD 375,500 from the legal reserves, KWD 375,900 from the voluntary reserves, and KWD 3.34 million from the issue premium.
The shareholders approved the board’s recommendation of retaining dividends for the fiscal year 2015.
Furthermore, the company agreed on authorising the board to purchase or sell 10% or less of its shares for 18 months.
During the fiscal year of 2015, Arzan’s losses totalled KWD 7 million versus profits of KWD 3.61 million in the previous year.
