Kuwait - Mubasher: The ordinary general meeting (OGM) of Specialities Group Holding approved offsetting the accumulated losses of KWD 4.36 million, according to a bourse statement issued on Sunday.

The offset will include about KWD 473,320 in optional reserves as well as KWD 1.98 million in legal reserves.

The shareholders also approved the board members’ recommendation of not distributing cash dividends and bonus shares for FY16, except for the non-executive director who will be granted KWD 10,000.

During FY16, the company posted a loss of KWD 3 million which was 10.5% lower than KWD 3.35 million in FY15.

At the stock level, Specialities Group closed Sunday’s session 2.22% lower at KWD 88.