Wednesday, September 15, 2010

International Investment Group - Succeeds in Repaying Some Loans

Update:  Apparently, Al Watan's sources were less informed that thought.  Or perhaps success is fleeting.  In any case IIG denied any "success" in repaying loans.  Such is life.

Informed sources have told Al Watan newspaper that IIG recently "succeeded" in repaying US$15 million to one of the Emirati banks and US$3 million to the holders of its sukuk.     As to the latter I didn't see any announcement on Nasdaq Dubai.  US$3 million is the amount of the periodic profit distribution (or  what we here at Suq Al Mal call "interest").

In any case an interesting definition of "success": meeting one's contractual obligations.   In other words, doing what one is expected to do.  Based on that definition, I've had a remarkably successful day today.  I personally had repeated successes in posting on this blog.  I also successfully consumed breakfast, lunch, and dinner today with intermittent successful cups of tea and coffee at other times - both of which, I will add, I successfully prepared. 

The source of liquidity is reported to have been the sales of (a) some shares presumably local, and (b) some real estate and non real estate assets outside the local market.

The article ends with a discussion of how the bulk of IIG's 2009 losses were its share of losses of subsidiary and affiliated companies as if this made some sort of difference.

2 comments:

The Rageful Cynic said...

LOL!

We live in interesting times.. by that yardstick, all of us are incredibly successful people! I mean I made it to work on time, which I suppose, is a small kind of accomplishment..

"The article ends with a discussion of how the bulk of IIG's 2009 losses were its share of losses of subsidiary and affiliated companies as if this made some sort of difference."

It makes a huge difference since it sort of, kind of implies that its not IIG's fault... force majeur and all that :p

Abu 'Arqala said...

TRC

Thanks yours.

I believe the losses at the subsidiaries may also have been unrealized losses.

Sadly though, the report of IIG's success appears to have been premature since the Company denied it this morning with announcements on various exchanges.

My mandy successes of yesterday still stand. And I hope yours do as well.