Mubasher: Investors Holding Group’s losses skyrocketed by 8312.4% in 2019, reaching KWD 13.12 million ($43.05 million) when compared to KWD 156,020 ($511,700) in 2018.

The negative 2019 results were incurred due to losses from investments, according to a bourse statement on Wednesday.

Over the fourth quarter (Q4), losses widened to KWD 12.9 million from KWD 29,980 in Q4-18.

During its meeting, the holding firm’s board recommended not to distribute neither dividends nor annual remuneration for the board members.

It further proposed reducing the company’s capital by KWD 17.8 million to KWD 44.48 million from KWD 62.29 million, through the cancellation of 178.1 million shares, in an attempt to amortise the accumulated losses that are worth KWD 17.8 million by the end of 2019.