Kuwait's Sultan Center Foods board recommends 50% capital cut

Kuwait - The board of Sultan Center Food approved to submit a recommendation to Kuwait’s Capital Markets Authority (CMA) to reduce the firm’s capital.

The board recommended to cut the issued and paid-up capital by 50% to KWD 28.941 million from KWD 57.883 million, according to a recent disclosure to Boursa Kuwait.

The reduction process will be carried out through the cancellation of 289.41 million shares in a way to amortise KWD 28.941 million out of the total accumulated losses of KWD 42.156 million as registered in the financials of 31 December 2018.

Following the capital reduction, the remaining shares will total 289.414 million, the company said, noting that it will announce any further details in due course.