Kuwait-Mubasher: Safwan Trading and Contracting’s ordinary general meeting approved on 10 May the board’s recommendation of a voluntary withdrawal from the Kuwait Stock Exchange (KSE), the company said in a statement.
The shareholders have authorized the board of directors to start the procedures required for the delisting process.
Meanwhile, Safwan’s OGM agreed on the board’s proposal of holding back dividends for the fiscal year 2015, citing thin liquidity on back of arrears owed by the health ministry.
During FY15, the company’s profits grew 7.7% to KWD 2.66 million as compared to KWD 2.47 million in FY14.
Safwan stock was last traded on 13 April when it closed at 280 fils.
