Global Holders Approve $346 Million Capital Increase

Shareholders in Global Investment House KSCC, which is restructuring $1.73 billion of debt, approved raising the company’s capital by 100 million dinars ($346 million) to give a total of 231.2 million dinars.

The Kuwait-based investment bank plans to offer 1 billion shares with a nominal value of 100 fils and a premium of 5 fils. There are 1,000 fils to the dinar.

“I believe the 100 million dinars now is important for enhancing the financial position of the company and for safeguarding against what could happen in the future if the price of assets doesn’t improve in the short-term,” Maha al- Ghunaim, chairwoman and managing director, told reporters after a shareholders’ meeting in Kuwait City today.