Global investment House to sell China asset

Kuwait-based Global Investment House has announced it will use proceeds from the sale of its $175m stake in a Chinese firm as part of its debt settlement plan, but did not give further details on the investment, Reuters has reported. The statement follows an unsourced report by Kuwaiti daily al-Rai about the deal saying that GIH plans to book some $70m from the sale as profit. However, Global said the news was inaccurate adding that the 'effect of the sale on the company will not be $70m'.