(MENAFN- Kuwait News Agency (KUNA)) Gulf Investment House suffered losses amounting to KD 20.5 million for the year of 2009, which is 48.69 fils per share.
GIH Board Chairman Faisal Al-Khzam told the General Assembly that the board proposed withholding dividend for the year. He attributed the losses to sharp drop in operating revenues, a re-assessment of assets, and debts of some KD 2 million.
Executive Chairman Bader Al-Ali meanwhile said GIH managed to hike liquidity to KD 8 million by the end of 2009, with help of several divestments since early in the year worth some KD 14 million. GIH settled KD 18 million of its foreign debt in 2009 and 2010, he added.
Most important of the house's divestments was that involving a US company specialized in making ambulances, which yielded KD 8 million in late 2009, he pointed out.
This was the biggest divestment in the body's history, the chairman said
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