Global Investment House cuts capital to nullify loss

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

News

Global Investment House proposes 5% cash dividend

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

Global concludes exit from JOTF for $29m

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

Global posts KD 5.9mn net profit for 9M

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

Most Viewed Companies

Ticker Price Volume
SABIC 114.77 5,915,941
SAMBA 26.98 1,138,683
DARALARKAN 13.47 74,648,349

Valuation

GIH Sector Market
P/E
Price/BookValue

Top Related Companies

Ticker Price Change
EKHOLDING 294.00 -2.00 (-0.68%)
KPROJ 279.00 -3.00 (-1.07%)
NIND 149.00 0.00 (0.00%)
ALIMTIAZ 125.00 -3.00 (-2.35%)
FACIL 185.00 0.00 (0.00%)

Recent News

SABIC-MCC joint venture starts output

05/04/2018

SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.

Saudi Gazette

S&P affirms QIB rating at A-

05/04/2018

Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating

Gulf Times

Qatar National Bank seeks growth in Southeast Asia

05/04/2018

Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told

The Peninsula

Doha Bank’s third Indian branch opens today

04/04/2018

Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o

The Peninsula

SHUAA to act as liquidity provider to Bank of Sharjah

04/04/2018

Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than

Gulf News

logo

Financial Information Co.

P.O. Box 69410, Riyadh 11547, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2024, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap