Gulfinvest says it defaulted on $55m loan

05 April 2010

Kuwait-based investment company, Gulfinvest International, has said it has defaulted on a ($55m) loan from Abu Dhabi Commercial Bank, Bloomberg has reported. The company said the loan will now be repaid by Dubai-based Shuaa Capital, which guaranteed the loan. Gulfinvest has transferred its 19% stake in Al-Ahlia Holding Co. to Shuaa in lieu of the loan.

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