Kuwait - Global Investment House ("Global" or the "Company"), a regional asset management and investment banking firm headquartered in Kuwait, with offices in major capital markets in the MENA region, announced the resolution of the board of directors’ meeting held today Wednesday 11 July 2018.

In backdrop of continued profitability in the past five years, accompanied with a conservative asset allocation, high levels of cash and other liquid assets on the balance sheet, the board of directors has proposed a KWD7.5 million cash distribution to shareholders by capital reduction. The BoD’s proposal is subject to the regulatory and shareholders’ approval in the extra-ordinary general assembly of the shareholders. The capital reduction will be implemented by cancelling 75 million shares and shareholders will be paid KWD 0.100 cash for each share cancelled. The share cancellation will be applied pro-rata to the holdings of all shareholders excluding the Treasury Shares. On conclusion of the capital reduction, the authorized, issued and fully paid share capital of the Parent Company will be reduced to KWD 49.5 million. Following the distributions, the Company will have adequate capital and liquidity to fund its core fee business.

The Board of Directors also approved the resignation of Maha Al-Ghunaim and Bader AL-Sumait from their membership in the Board, thanking them for their active contribution and added value. In addition, Abdul wahab Al-Halabi was elected as Vice Chairman and Sulaiman Mohammed Al-Rubaie was named as Interim CEO.

–Ends–

For further information:

Moustafa Zantout

Senior Vice President

Marketing & Investor Relations

Global Investment House

Tel: +965 2295 1615

Fax: +965 2295 1638

E-mail: mzantout@global.com.kw

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.