Tuesday, Mar 12, 2013
(This story was originally published Monday.)
BEIRUT (Zawya Dow Jones)--Kuwait's Commercial Real Estate Co. (ALTIJARIA.KW), or Al Tijaria, said on Monday that its board has proposed reducing its capital by 13.28 million Kuwaiti dinars ($46.7 million) to KWD170.2 million.
The Islamic multiline firm, which is mainly involved in property development activities, said that the current level of its capital exceeds its needs.
The proposed capital cut represents the nominal value of Al Tijaria's treasury stocks, as at the end of 2012, totaling 132.8 million shares, the company said in a statement posted on the Kuwait bourse website.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
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(END) Dow Jones Newswires
12-03-13 0345GMT
