Written by: Ahmed Awaad

Kuwait Syrian Holding ordinary general meeting approved to freeze dividend payout for the fiscal year ended 31 December 2014.

"The company awaits the approval of the Kuwait's capital market authority over the company's board descion to cancel capital increase,"Mahmoud Al Nour company's chairperson told Mubasher.

Lately, the company's board decided to cancel capital hike from KWD 17.6 million to KWD 35.2 million.

"The company has suffered sharp losses on exchange losses," noted Al Nour.

Kuwait Syrian reported KWD 7.22 million in losses in 2014, compared with KWD 994,400 in the previous year.

"The company owns number of land plots in Syria and it seeks to divest its investments there," added Al Nour.

Mid -December , the Kuwait Stock Exchange suspended trading of the company's shares as the share market price hit KWD 14 fils.

Kuwait Syrian is capitalised at KWD 17.6 million, distributed across 176 million shares at KWD 100 fils per share.

Translated by: Shaimaa ELSarky