Mubasher: Boubyan Takaful Insurance company’s extraordinary general assembly meeting on Sunday approved reducing the company's capital by KWD 1.782 million to KWD 10 million.
This move aims to overcome the company's accumulated losses, as well as meeting capital requirements of listing on the Boursa Kuwait in the future, Boubyan CEO Khalil Al Shami said.
The main insurance subsidiary of Boubyan Bank posted KWD 356,000 profit in the fiscal year ended December 2016, Al Shami added.
