Global wins arbitration
Kuwait City, April 1, 2010
Global Investment House, Kuwait's biggest investment bank, received two arbitration rulings in its favour on Thursday, sending shares higher after the bourse lifted a trading halt on the stock.
Global's shares closed 3.6 percent higher. They were halted most of Thursday.
The Kuwait Stock Exchange said in two statements Global won disputes against Al Madina for Finance and Investment Co and Kuwait City Holding Co.
It said the arbitration center at the chamber of commerce and industry ordered Al Madina to pay Global $10.01 million in addition to $300,000 in compensation.
Kuwait City Holding was ordered to pay 11.57 million dinars ($40.15 million) plus 400,000 dinars in compensation. The bourse statement did not provide details about the disputes. - Reuters