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Kuwait’s CMA approves Global Investment House capital cut

Kuwait’s CMA approves Global Investment House capital cut
GIH capital will be reduced by KWD 1.325m
KAMCO
KAMCO
-2.13% 92.00 -2.00

Mubasher: KAMCO Investment on Wednesday announced that its subsidiary Global Investment House (GIH) received the approval of the Capital Markets Authority’s (CMA) for the reduction of its capital.

The capital reduction is one of the procedures followed the acquisition of GIH by KAMCO, the parent company said in a bourse statement.

The issued and paid capital of GIH will be reduced by KWD 1.325 million, to reach KWD 48.2 million. 

In July, KAMCO Investment received the CMA approval for its merger with Global Investment House.

KAMCO Investment reported a 66.3% year-on-year increase in profits during the second quarter of 2019, recording KWD 532,330.