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 and to our disclosure letters sent to you on 8/5/2014 we here declare that Gulf Investments Company (GIC) – a closed Bahraini shareholding company (under liquidation) represented by the liquidation committee, has announced to hold its General Assembly on 9/11/2014, where it is going to discuss the company’s consolidated financial position as on 4/5/2014 as well as the liquidation committee report. As mentioned to us in the liquidation report which was delivered to us along the AGM invitation, the committee has prepared a consolidated financial position as on 4/5/2014 and this is after taking measures to meet all liquidation requirements either debt obligations or, liabilities against the company or any other regulatory requirements stipulated by the kingdom of Bahrain authorities. Moreover Since we are a major shareholder in the said Company, we have old financial claims amounting to 107.9 million US dollars representing around 82% of the company’s total debts according to the said financial position on 4/5/2014.
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 of (GIC).
And after reviewing the financial report prepared by the auditor, it revealed that GIC hold higher liabilities than its assets. We are currently waiting the Annual General Meeting so we can disclose more details regarding this subject, as it will be difficult at the moment to evaluate the positive financial impact on National Investments Company’s financial statement. We will update you with any new information after the general assembly takes place as mentioned above.