Global Investment House jumps 9.8% on court ruling and partial debt repayment

20 July 2010

Kuwait's KSE Market or Price Index dipped 0.10% and closed at 6,494.3 points. As at the DFM in Dubai, shares of Kuwait-based Global Investment House (up 9.8% at KD0.056) were the securities of the day. The court of first instance in the Emirate of Dubai passed a judgment on July 19 ordering National Bank of Umm Al Qaiwain (NBQ) to repay Global Investment House $250m towards the refund of a deposit placed by the Company with this Bank in August 2008 plus interest until the date of payment and all expenses. NBQ, however, issued a statement today, that it will carefully examine the ruling and based on its analysis will then decide if it will exercise its legal right to appeal to the court ruling within the statutory time limit. Today on Tuesday, Global announced also that it has made a $50m principal repayment of its bank debt value 21 July 2010. Till date the total principal repayments to the lending banks reached $78.9m representing 46% of the total repayments due by 10 December 2010. Global repaid $148m to its lending banks and bondholders since signing the debt rescheduling agreement

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