| Kippreport.com

GIH shareholders approve restructuring deal

January 12, 2010 4:21 by kippreport

Kuwait’s Global Investment House (GIH) announced on Tuesday its shareholders have approved a structuring deal to shift its key investments to two new units, reports Reuters.

Maha al-Ghunaim, GIH’s managing director, told reporters she has high hopes for the company’s performance in 2010. “In the last quarter, we had to take more provisioning and impairment (charges) in relation to some of our investments considering what has happened in Dubai and the effect it had on the region,” she said after the meeting with the shareholders.

Last month, GIH met with creditors to reschedule a $1.7 billion debt.

Tags: Global Investment House, Kuwait, restructuring, shareholders