KUWAIT, July 29 (KUNA) -- Kuwait Securities House said here Thursday it would seek to cut its bank debts by means of carrying out sellable investments.
Speaking at the company general assembly meeting, Securities House Board Chairman Ayman Boudi said the company had adopted very precautionary policies in 2009, involving KD 36 million in provisions and KD eight million losses.
Provisions and losses of subsidiary companies made up over 76 percent of the company's total losses for 2009, he said.
To offset the losses, the company had to cut its spending by 20 percent in 2009 compared to 2008, he added.
The Securities House is a leading Shariah-compliant investment company that was established in 1982 and listed on Kuwait Stock Exchange in 1996. The company is committed to seeking and providing distinctive and innovative investment opportunities and products for its clients and shareholders. The Securities House is considered one of the most successful investment companies in the GCC and Middle East region. (end) mak.mt KUNA 292329 Jul 10NNNN¬