Global Investment First-Quarter Loss Narrows on Asset Sales

Global Investment House KSCC said its first-quarter loss narrowed after the Kuwaiti investment bank gained from asset sales and reduced losses at its associates.

The bank had a loss of 11 million dinars ($39.2 million) compared with 22 million dinars a year earlier, Global said in a statement on the Dubai bourse today. The bank gained 2 million dinars from the sale of financial assets, and losses at affiliates fell to 2.5 million dinars from 6.8 million dinars.

Global Investment, which reorganized $1.73 billion of debt in 2009, said yesterday it will hold meetings with bondholders on June 7 as part of the restructuring process. The company said May 14 it continued to make progress in talks with lenders, who were requested to “extend existing waivers/deferrals expiring on June 10 and to grant other necessary waivers/deferrals.”

To contact the reporter on this story: Fiona MacDonald in Kuwait at

To contact the editor responsible for this story: Shaji Mathew in Dubai at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.