Mubasher: The board members of Gulf Franchising Holding on Sunday 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 accumulated losses until 30 December 2017 by KWD 2.3 million in the capital to become about KWD 949,880.

Following the process of trimming its losses, Gulf Franchising will raise the capital by KWD 3.05 million to eventually stand at KWD 4 million.

It is noteworthy 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.