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, held today its Extra-Ordinary General Meeting to discuss the board of directors’ recommendation to distribute KWD7.5 million in cash to shareholders through capital reduction.

Shareholders approved the reduction of authorized, issued and paid-up capital from KWD57 million to KWD49.5 million by cancelling 75 million shares, around 13.5% of shareholders holdings (excluding treasury shares). Shareholders will be paid KWD0.100 cash for each share cancelled.

On conclusion of the capital reduction, the authorized, issued and fully paid share capital of the Parent Company will be KWD 49.5 million with adequate capital and liquidity to fund its core fee business. The capital reduction would also improve the return on equity and book value per share. On a proforma basis, the book value per share would increase from KWD0.126 as at 30 June 2018 to KWD0.130.

Sulaiman Mohammed Al-Rubaie, Chief Executive Officer, commented: “Good operating performance, excellent capital structure and highly liquid asset composition have facilitated the Board's decision to recommend this cash distribution, which comes for the second consecutive year following similar cash distribution of KWD22.9 million last year.”

He added: “With healthy liquidity and no debt, Global remains one of the few companies in the regional financial sector that truly have a clean balance sheet.”

Post these distributions, the total cash distributions to shareholders since 2015 will increase to KWD41 million, thanks to the quality of revenues and the company's consistent positive performance resulting from the effective implementation of its fee business driven strategy.

-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.