The board members of Danah Al Safat Foodstuff have passed their recommendation of reducing the capital to offset the accumulated losses to the Capital Markets Authority (CMA).
Danah Al Safat’s board proposed shrinking the capital to trim its KWD 4.69 million accumulated losses, according to a bourse statement on Tuesday.
Offsetting the losses will be through using the entire KWD 4.39 million issue premium in addition to the remaining credit of nearly KWD 307,220 from the accumulated losses.
Danah Al Safat will reduce the capital by KWD 2.40 million through cash dividends by cancelling 24 million shares.
Following this cut, the capital will become KWD 12.17 million distributed on 121.67 million shares from KWD 14.87 million distributed on 148.75 million shares.