(MENAFN) On Sunday, the board members of Gulf Franchising Holding decided to modify the recommendation of reducing and increasing the capital, as stated in a bourse filing on Monday.
The board approved offsetting Gulf Franchising's collected losses until 30 December 2017 by KWD 2.3 million in the capital to become about KWD 949,880.
Gulf Franchising will raise the capital by KWD 3.05 million to eventually stand at KWD 4 million, after the process of trimming its losses.
It is worth mentioning that Gulf Franchising recently disclosed that it incurred an increase of 359.3% in losses to KWD 1.24 million in fiscal year 2017 from KWD 270,000 in FY16.
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