(MENAFN) Kuwait's Global Investment House announced that the company's shareholders have approved to reduce GIF losses through a capital reduction of USD327.9 million, Arabian Business reported.
The move aims to help the company deal with its debt problem which has affected for years now due to the huge amounts of debt the company had taken during the mid-2000s which became a burden during the global economic crisis.
The approved plan stipulates that Global will cut its paid-up capital from USD603.65 million to USD276.24 million, which will allow the company deal with its current situation after finally becoming "debt free" following the firm's second restructuring, which was completed in 2013.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.