Kuwait stock exchange suspends trading of Ithmaar due to huge losses

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Company’s losses amount to 99 per cent of capital

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15/03/2019, Friday – Dubai: Boursa Kuwait said on Thursday it has suspended trading in shares of Bahrain-based and dual listed Ithmaar Holding Co.

The decision was taken by the bourse as the company reported accumulated losses of 99 per cent of its capital. Rules suggest that the bourse suspends trading of companies whose accumulated losses breaches 75 per cent mark of the capital.

The company reported a net loss attributable to equity holders of $23.98 million for 2018, narrowing the loss of $84.71 million reported for the same period in 2017. The company had total assets at $8.49 billion as at 31 December 2018.

Total owners’ equity stood at 85.39 million dinars ($32 million) in 2018, a 44.8 per cent decrease compared to 154.60 million dinars reported in 2017, mainly due to the Accounting standard impact of previous year recognised in equity and the foreign exchange impact of devaluation of Pak rupee during the year recognised in equity. Ithmaar Holdings is also traded on the Dubai Financial Market, where its shares hit a lower limit to end at Dh0.265. Ithmaar Bank is a subsidiary of Dar Al-Maal Al-Islami Trust (DMI).

Courtesy : Gulfnews

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