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FINANCIAL NEWS
Kuwaiti Global Investment loses USD192.8m in 2012
09 Apr 2013
(MENAFN) Kuwait’s Global Investment House announced that it incurred a USD192.8 million loss in 2012, due to a decline in shareholders’ equity, reported Gulf Daily News.
Global said that 2012 was the fourth consecutive year in which the company posts a loss, noting that at the end of the year, total shareholders’ equity was a negative USD122.32 million, from a positive USD62.90 million in 2011.
The company, which is one of the largest investment houses in the tiny Gulf emirate, has agreed with its creditors to restructure USD1.7 billion of debt.
In December 2012, the firm announced that as part of its restructuring, it planned to establish 2 special purpose vehicles, of which one would hold company assets in addition to debt worth USD1.3 billion.
It is worth noting that in 2011, Global Investment posted a loss of USD200.95 million.
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