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 on 8/5/2014 and 5/11/2014 respectively, we hereby declare that Gulf Investments Company (GIC) – a closed Bahraini shareholding company (under liquidation) represented by the liquidation committee, held its General Assembly on 9/11/2014, where it discussed the company’s consolidated financial position as on 4/5/2014. Since we are a major shareholder in the said company, owning (99%), 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. The liquidation committee declared that repayment of obligations will be according to priority rights as per the kingdom of Bahrain laws and regulations, taking in consideration that the referred above annual general assembly audited financial statements reveal that the Company’s assets comprise of cash and other assets.
Moreover it is difficult to accurately estimate the remaining amount that will be collected until full liquidation, which will have a positive impact on our financial position once collected.