Gulf International Properties Company (GIP) approved at its Annual General Assembly Meeting held on January 8th, 2013 to write off a loan previously granted to its shareholders. NIC’s share as a result of this decision amounted to KD 851,392 which will be re-classified as other income in 2012 fourth quarter results. In addition, GIP also approved to settle a prior debt to one of its debtors, which entitled NIC to receive KD 366,300 from this settlement. This amount will be classified as other income in 2013 first quarter results.


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