Mubasher: Noor Financial Investment announced that its subsidiary, Noor Telecommunication Co, has reduced its capital by 57.8% to offset losses, according to a bourse filing on Wednesday.
Noor Telecommunication Co has shrunk its capital to KWD 14.14 million from KWD 33.5 million, the statement added.
This decision was taken to offset a loss of KWD 17.1 million and return a cash worth KWD 2.25 million to shareholders.
Noor Financial Investment will get a share of KWD 1.1 million from the returned amount; the Boursa Kuwait-listed firm owns a stake of 49.11% in Noor Telecommunication Co.
The financial impact from this capital cut will be a decrease of KWD 1.15 million in the cash article and bank accounts, as well as a reduction of KWD 1.15 million in the un-controlling shares.
At the stock level, Noor Financial closed Wednesday’s session 0.65% higher at 61.9 fils.
