Company incurs KD 5.4 mln loss in 2011
KUWAIT CITY: The General Assembly of Bayan Investment Company on Sunday agreed on the proposition of the board of directors to suspend the distribution of its profits for 2011. At the meeting that witnessed about 58 percentage turnout, the Chairperson of the Board of Directors of the bank Faisal Al-Mutawa said the company, as of the end of Dec 2011, had suffered losses worth KD 5,400,000, distributed on 15 fils per share. Al-Mutawa noted the company endeavored to draft a strategy for its staff, in the face of difficult investment conditions and new requirements in the law of Capital Market Authority. Also, a report on activities conducted by the company throughout 2011, with the financial and non-financial sanctions signed by Central Bank of Kuwait during the period, was presented at the meeting.
© Arab Times 2012
