With reference to the above mentioned subject, and to CMA instructions number (هـ .أ.م. / ق.ر. / إ.م. / 2012/2/2) regarding the disclosure of material information, Gulf Investments Company (GIC) – a closed Bahraini shareholding company (99%) owned subsidiary, has decided in its Annual General assembly held on 5/5/14 to undertake an optional liquidation process. This decision is regulated as per the rules and regulations of the Kingdom of Bahrain regulatory authorities. It’s worth mentioning that, (NIC) has stopped consolidating the figures of the affiliate in our books since 31/12/1992, and full provision was taken against book value of our investment in (GIC).
Moreover it is difficult to accurately estimate the positive impact on our financial position concerning the liquidation decision, until it has been fully accomplished. We will notify you with updates, when new developments arise.