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Kuwait's Global shares surge on debt reduction

21 October 2010

The KSE market index declined further (off 0.76% at 6,944.5, mostly die to losses in the investment and industrial sector. Shares of Global Investment House surged 5.55% to close at KD0.057, posting the highest volume among the top five ganing shares. Global said yesterday that it has made a principal repayment of $72.5m in relation to its bank debt value 21 October 2010. To date the total principal repayments to the lending banks has reached $151.4m or 8.8% of the total debt to banks and financial institutions. CEO Bader A. Al-Sumait commented: "To date we have made principal repayments of $151.4m and interest payments of $31.9m, despite the continued market turbulence in GCC and rest of MENA markets where primarily Global has its principal investments book. This reflects our ability and commitment to honour the terms of restructured debt agreement."

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