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The Capital Markets Authority approved the reduction of the company’s share capital from KD 62,955,981/600 to KD 48,474,816/600 equivalent to 23% of the capital, to offset the full balance of the accumulated losses amounting to KD 24,245,118 as of the audited consolidated financial statements for the fiscal period ending 30/06/2023 as follows:
a. Reducing the statutory reserve balance by an amount of KD 937,755.
b. Reducing the full balance of share premium amounting to KD 8,826,198.
c. Reducing the Company’s share capital by an amount of KD 14,481,165 by cancellation of 144,811,650 share at a par value of 100 fils per share.
This is subject to the resolution of the ordinary and extraordinary general assembly of the company.
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Disclosure updates
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If the Ordinary and Extraordinary General Assembly approved the reduction of the company’s share capital as mentioned above, then offsetting the accumulated losses and reducing the share capital will result in enhancing the shareholders’ equity in addition to the amendment of the above items as per the values mentioned above without any change in the total value of the company's shareholders' equity.
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Financial impact of the update (if any)
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