Mubasher: Gulf Franchising Holding was granted the Capital Markets Authority’s (CMA) approval to restructure its capital, according to a bourse statement on Monday.

The company will call for holding an extraordinary general meeting (EGM) to undertake the required procedures.

Restructure the capital will offset Gulf Franchising’s KWD 2.3 million accumulated losses to 31 December 2017, as the capital will become nearly KWD 949,880 after offsetting the losses.

Furthermore, Gulf Franchising will increase the capital by KWD 3.05 million to total KWD 4 million.

In fiscal year 2017, Gulf Franchising incurred a loss of KWD 1.24 million which was 359.3% higher that KWD 270,000 in the prior fiscal year.