Tuesday, Jun 19, 2012
BEIRUT (Zawya Dow Jones)--Kuwait Finance and Investment Co. (KFIC.KW) has reduced its financial obligations to 40 million Kuwaiti dinars (142.9 million) from KWD158 million in mid-2010 and is financially solvent after writing off its accumulated losses, Kuwait-based Al Watan daily reports Tuesday citing an executive.
The remaining KWD40 million debt will be due in five years that could be extended further, Saleh Al Homaizi, the company's chairman, said according to the paper. He added that KFIC has enough liquidity to cover its financial obligations for the next two years.
KFIC is currently studying investment opportunities in the Gulf region while its local investment is confined to managing a portfolio of about KWD300 million, Al Watan cites him as saying.
Mr. Homaizi said he expects his company's second-quarter financial results to be better than the previous quarter and the corresponding period of 2011, the daily reports.
Newspaper website: http://alwatan.kuwait.tt/articledetails.aspx?Id=202417&YearQuarter=20122
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
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