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22/10/2014 06:57 AST
Shareholders of Kuwait's Global Investment House have approved the write-off of 94.7 million dinars ($327.9 million) of the company's losses through a capital reduction, the investment firm said in a statement on Tuesday.
The move, agreed at an extraordinary general meeting, aims to draw a line under years of financial troubles for the firm caused by debt taken on during the boom years of the mid-2000s which became unsustainable during the global economic crisis.
Under the plan, Global will cut its paid-up capital to 79.9 million dinars from 174.6 million dinars, it said in a bourse filing in London. This will allow the firm to use an accountancy technique to nullify its entire amount of accumulated losses up to Dec. 31, 2013.
Global was hard hit by the global financial crisis, undergoing two debt restructurings. In an interview with Reuters last month, Global's chief executive Maha Al-Ghoneim said the company was now "debt free" following its second restructuring, completed last year.
The reduction in Global's paid-up capital will be applied pro-rata to all shareholders but will have no impact on the total balance of equity attributable to the equity holders of the parent company, it said.
Reuters
22/02/2018
Global Investment House said on Wednesday that it proposed to pay 5 per cent cash dividend to their shareholders.
The Mena region focused investment bank reported a net profit of 2.5 milli
Gulf News
25/09/2016
Global Investment House (Global) announced that its alternative asset management arm, Global Capital Management (GCM), concluded a successful exit from the controlling 93.27 percent stake in Jordan T
Arab News
11/11/2015
Global Investment House ("Global" or the "Company") announced its financial results for the nine months ended Sept 30, 2015. During 9M 2015, the Company recorded a net profit of KD 5.9 million (US$19
Arab Times
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| OSOUL | 159.00 | 1.00 (0.63 |
| BAYANINV | 56.60 | 0.20 (0.35 |
| GFC | 144.00 | -5.00 (-3.36 |
| KINGDOM | 8.84 | 0.09 (1.02 |
| TADAWULGROUP | 179.00 | -2.20 (-1.22 |
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The
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Gulfnews
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In line with its leading and responsible role in the banking industry, National Bank of Kuwait continues to advance confidently towards building a sustainable future by implementing its environmental
Kuwait Times
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