Monday, 2 May 2011 at 11:31, Reuters, Kuwait
Kuwait's Global Investment House said on Monday its first-quarter net loss widened to 22 million dinars ($80.20 million) hurt by a drop in the value of its financial assets.
Global made a net loss of 14.2m dinars in the year-earlier period, it said in a bourse statement.
The firm did not give a specific reason for the losses but the company posted a net loss of 10.6 million dinars from a drop in the fair value of its financial assets.
On Thursday, Global's shareholders approved plans to scrap its 76 per cent capital hike, saying regional conditions were not ripe to proceed.
The shareholders also voted to give the company a green light to write off 171.3m dinars in losses.
In April, the firm won a Dubai court ruling to get back $250m from Abu Dhabi-listed National Bank of Umm Al Qaiwain in addition to $54.6m in interest.
Global's shares traded 5.6 per cent higher on Monday at 0650 GMT after the results were released.
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