Mubasher: Global Investment House on Wednesday announced that its board of directors had recommended distributing a cash dividend of KWD 7.5 million to shareholders through capital reduction during a meeting held in the previous day.

Global noted that the proposed dividends will be subject to the regulatory and shareholders’ approval during the extraordinary general meeting (EGM),  according to a recent statement.

The capital cut will be implemented by cancelling 75 million shares and shareholders will be paid KWD 0.100 cash for each cancelled share, the statement added. 

“On conclusion of the capital reduction, the authorised, issued, and fully paid share capital of the Parent Company will be reduced to KWD 49.5 million,” Global said.

Following the distributions, Global will have adequate capital and liquidity to fund its core fee business.

Kuwait’s Global is a regional asset management and investment banking firm headquartered in Kuwait, with offices in major capital markets across the Middle East and North Africa (MENA) region.