Showing posts with label Aref. Show all posts
Showing posts with label Aref. Show all posts

Monday 27 September 2010

Markaz: Review of Kuwait Investment Sector

 Renovation of Yet Another Proven Business Model In Progress
(Or, Perhaps, A Half Built Mega Project)

Markaz has issued “Kuwaiti Investment Firm Sector Taking Stock Two Years After the Crisis”. The report is an update to one they issued in June 2009.

As usual, good analysis and commentary.

You can obtain a full copy of the report by sending an email to info@markaz.com referring to the title above.

In the interim, some key points from the report.

Let’s start with Markaz’s Conclusion:
“The investment sector in Kuwait has a long way to go on its path towards health especially in light of the Central Bank’s increased oversight on the sector, which may lead to reduced activity among some firms that need to clean house. Given how unpredictable and difficult the sector’s assets are to value, it is difficult to predict the future performance of the sector, especially given the wide variance in case-by-case health.

We are optimistic that 2010 will show a further narrowing in bottom line losses, though we remain skeptical of a return to profit. Not only will companies be looking to offload more of their investments, booking impairment losses in the process, but regional/global equity markets have shown lackluster performance for the year, which may have an adverse impact on both the firm’s quoted investments in addition to the AUMs (thereby reducing fee income), all of which will put downward pressure on the bottom line.”

Historical Performance

I’ll start by noting that the report does not cover all investment companies in Kuwait. It is based on a set of 34 listed companies of which only 28 have reported for 2009. The missing reports include The Investment Dar – which hasn’t issued a financial since 31 December 2008. Nonetheless as with many such studies, it gives a good macro picture.

Earnings in KD millions.

20052006200720082009
945281846(810)(778)
  1. The graph in Markaz’s report gives a good pictorial sense of the variance.
  2. In lieu of a graph, let’s look at statistical measures. All of which are rounded to the nearest integer. The Mean Income over the five-year period is KD97 million. The Standard Deviation (Sample) is 852 and the Standard Deviation Population (762). The SD is between 8x and 9x the Mean. That gives an idea of the variability of income. 
  3. During the first three heady years of hefty profits, no doubt equally hefty bonuses and dividends were paid based on reported income -- largely non cash capital appreciation. Many of these payments also no doubt financed by “wise” lenders - who are now left holding the proverbial bag.
Asset Classification

IFRS 7 requires that companies disclose the basis for the valuation of assets held for sale (similar to FASB 157).
  1. Level 1: Based on quoted market prices in active markets for identical or similar securities. 
  2. Level 2: Based on observable market data – either direct or derived. 
  3. Level 3: Inputs into valuation models are not observable market data.
Markaz’s set of companies assets are distributed as follows. Amounts in KD millions.


FVTPLFVTETOTAL% TOTAL
Level 1264   535   799  34%
Level 2213   365   578  25%
Level 3236   708   944  41%
TOTAL7131,6072,321100%
% Total Investments31%  69%100%  ----

As Markaz notes, the IASB allowed companies to “move” assets from the then inconvenient FVTPL (Fair Value Through Profit and Loss) classification to FVTE (Fair Value Through Equity) which neatly “solved” earnings problems in a time of decline in values.  And, no doubt, achieved its goal of fooling more than a few "wise" investors and lenders.

It would be interesting to see how many Kuwaiti firms availed themselves of this exception to manage their apparent earnings.

It’s not surprising that overall there is a concentration in Level 3 assets given business models. And one could point to firms in the “Developed West” with similar concentrations. But out of national chauvinism I won’t point but merely link.

Appendix 1 lists the ratio for some 32 firms. There’s wide variance.
  1. Gulfinvest International and Al Qurain have 100% of their assets in Level 1.   Noor 85%.  Bayan 84%. Coast 72%. 
  2. On the other hand, National International Holding has Level 3 assets at 87%, First Investment at 70%, Al Safat and Al Mal at 67% and Global at 55%.
The Kuwait Investment Firm Sector in the GCC

Markaz notes that the KIFS dominates the rest of the GCC. No one is bigger. No one fell with a larger thud except two Bahraini-based firms in 2009. Markaz provides some income statement data for Fiscal 2008 and 2009 plus 1H10. What would be even more illuminating would be sector balance sheet size.

Leverage

The new Central Bank of Kuwait regulations impose a maximum 2x leverage ratio on the sector. Even after the debacles in 2008 and 2009, the KIFS’ leverage ratio (Total Liabilities/Total Equity) is a “comfortable” 1.84. It’s only when one starts drilling down into the details that one sees the variance.

Below my calculations based on FYE 2009 financials as in Appendix 2.

FIRMLEVERAGE (TL/TE)
Kuwait Finance and Investment8.32x
Aayan Leasing and Investment5.96x
The International Investor5.88x
Global Investment House4.12x
International Investment Group3.57x
IFA3.29x
Aref Investment Group2.78x

Note: I have not adjusted the above for minority interests – so these are not strictly speaking Central Bank leverage ratios as will become apparent later when we review Markaz’s calculations, though the number of firms with significant minority interests is limited.

When Aayan’s substantial minority interests of KD42 million are eliminated from the calculation the Leverage Ratio jumps to an eye popping 14x (using the financials reported on the KSE).

Asset/Liability Mismatch

Details are on page 7 of the report. Briefly, conventional firms are more balanced than “Islamic” ones. The former with S/T debt of 40% versus S/T assets of 49%. The latter with S/T debt at 79% versus S/T assets at 36%. But this is largely due to the greater progress made in restructuring conventional firms. (Also note this data excludes The Investment Dar).

Review of the Top Five

Markaz then reviews the top five firms: Global, Aref, IFA, TID (using 2008 data) and Aayan.

Here in tabular form are the results of Markaz’s review of these firms’ compliance with the newly imposed Central Bank of Kuwait regulations.

FIRMLEVERAGE RATIO"QUICK" RATIO
Global Investment House  4.11x17%
Aref Investment Group  2.78x16%
IFA  3.28x  9%
The Investment Dar*  4.97x   2%
Aayan Leasing and Investment13.90x  7%
CBK Regulations  2.00x10%

*TID calculated using 2008 financials.

Markaz then discusses these five firms’ financial position.  If you want a quick insight into them and the investment firm sector in general, this report is a must read.

Wednesday 1 September 2010

Aref Investment Company - 1H10 Losses of KD21.4 Million


Aref Investment Group reported its 1H10 financial results on the KSE this morning.  As usual, the announcement is in Arabic only (text below).  With the provision of this report, the KSE will allow the resumption of trading of AIG's shares.

1H10 losses KD21.4 million versus KD38million for the comparable period the year before.  The KD206 million amount for shareholders' equity includes minority interests of some KD37 or so million.

As I've noted before KFH owns some 53% of AIG and is providing support to weather the current crisis.  Earlier posts can be accessed using the tag "Aref".

[10:27:46]  بلغت (خسارة)(عارف) (21.4) مليون د.ك لل6 أشهر المنتهية في 30-06-2010‏
يعلن سوق الكويت للأوراق المالية أن شركة عارف الاستثمارية (عارف)‏
حصلت على موافقة بنك الكويت المركزي على بياناتها المالية المرحلية للفترة ‏
المنتهية في 30-06-2010، يوم الاثنين الموافق 30-08-2010 ،
وفقا لما يلي:‏
البند     ال3 أشهر المنتهية في 30-06-10     ال6 أشهر المنتهية في 30-06-10‏
الربح (خسارة)(د.ك)             (16.954.474)            (21.418.959) ‏
ربحية(خسارة)السهم (فلس كويتي)     (16)                         (20) ‏
اجمالي الموجودات المتداولة                                   299.743.103‏
اجمالي الموجودات                                            661.056.688‏
اجمالي المطلوبات المتداولة                                   392.279.750‏
اجمالي المطلوبات                                             452.963.950‏
ِ اجمالي حقوق المساهمين                                     208.092.738‏
بلغ اجمالي الايرادات من التعاملات مع الاطراف ذات الصلة مبلغ 680.466 د.ك
بلغ اجمالي المصروفات من التعاملات مع الاطراف ذات الصلة مبلغ 7.859.169 د.ك
الفترات المقارنة:‏
البند     ال3 أشهر المنتهية في 30-06-09     ال6 أشهر المنتهية في 30-06-09‏
الربح (خسارة)(د.ك)            (20.470.712)           (38.020.436)‏
ربحية(خسارة)السهم (فلس كويتي)     (19)                       (36)‏
اجمالي الموجودات المتداولة                                  311.066.999‏
اجمالي الموجودات                                           657.443.445‏
اجمالي المطلوبات المتداولة                                  333.757.640‏
اجمالي المطلوبات                                            450.767.484‏
ِ اجمالي حقوق المساهمين                                    206.675.961‏
وعليه سوف تعاد الشركة الى التداول اليون الثلاثاء الموافق 31-08-2010‏ 

Sunday 16 May 2010

Kuwait Stock Exchange Suspends Trading in 8 Additional Companies


If you've read other press accounts, you may be wondering why I am saying the KSE has suspended 8 companies when others say 22.  That's because 14 of the number have been suspended for some time now due to failure to provide earlier financial statements.  And those companies are indicated by ( موقوفة ) after their names in the official KSE announcement below.

The new companies include:
  1. Global Investment House
  2. The International Investor
  3. Industrial and Financial Investments
  4. KMEFIC
  5. Aref Investment Group
  6. Kuwait Finance and Investment Company (KFIC)
  7. AlQurain Holding
  8. Wethaq Takaful Insurance Company (Wethaq)
Seven of the above companies are from the investment company sector at the KSE.  Wethaq is from the insurance company sector.

What's surprising in the above list is the presence of GIH and KMEFIC.  KMEFIC is owned by the AlAhli United Bank Group.  Presumably, a lot of these companies will clear their financials in fairly short order.


[8:58:29]  ِ.وقف التداول باسهم شركات اعتبارا من اليوم ‏
يعلن سوق الكويت للاوراق المالية بانه تم وقف التداول باسهم (22) شركة ‏
وهى الشركات التالية:‏
الشركة الاهلية القابضة (اهلية) (موقوفة) ‏
شركة المستثمر الدولي (مستثمر د) ‏
شركة بيت الاوراق المالية (البيت) (موقوفة) ‏
شركة الاستثمارات الصناعية (ا صناعية) ‏
شركة الكويت والشرق الاوسط للاستثمار (كميفك) ‏
شركة المجموعة الدولية للاستثمار (المجموعة د) (موقوفة) ‏
شركة مجموعة عارف الاستثمارية (عارف) ‏
شركة الدار للاستثمار (الدار) (موقوفة) ‏
شركة اعيان للاجارة والاستثمار (اعيان) (موقوفة) ‏
شركة بيت الاستثمار العالمي (جلوبل) ‏
الشركة الخليجية الدولية للاستثمار (غلف انفست) (موقوفة) ‏
الشركة الكويتية للتمويل والاستثمار (كفيك) ‏
الشركة الدولية للاجارة والاستثمار (د للاجارة) (موقوفة)‏
شركة القرين القابضة (قرين قابضة) ‏
شركة وثاق للتامين التكافلي (وثاق) ‏
شركة لؤلؤة الكويت العقارية (لؤلؤة) (موقوفة)‏
شركة مجموعة المستثمرون القابضة (المستثمرون)(موقوفة) ‏
شركة المشروعات الكبرى العقارية (جراند)(موقوفة) ‏
شركة الصفاة العالمية القابضة (صفاة عالمي) (موقوفة)‏
شركة فيلا مودا لايف ستايل(فيلا مودا) (موقوفة)‏
شركة الشبكة القابضة (الشبكة )(موقوفة)‏
الشركة الكويتية للخدمات الطبية(عيادة ك) ‏
اعتبارا من اليوم الاحد الموافق 16-05-2010 ،وذلك لعدم تقديم البيانات ‏
المالية المرحلية للفترة المنتهية فى 31-03-2010 ،فى الموعد المحدد .‏

Tuesday 4 May 2010

KFH's CEO Vows Support For Aref Investment

Both AlWatan and AlQabas carried identical articles today relaying a CNBC-Arabiyya interview with Muhammad Sulayman Al-Omar, CEO of KFH.

He said that KFH which owns 52% of AIG (the KSE gives the holding at 53.08%) intends to act as lead bank in AIG's restructuring of its US$450 million in debts.  The company has good assets and it just needs time for them to recover their value and for AIG to return to its position in the market. 

Part of the strategy is to extend short term debt to give the company sufficient time for asset values to recover.  He mentioned new tenors between 18 months and 5 years.  

If you've been following news on the Kuwaiti financial sector, you know that there have been some rumors about KFH's financial position - including one about one to two weeks ago that the Central Bank of Kuwait was putting pressure on KFH which had disturbed their relationship.  KFH dismissed this as unfounded market rumor.

In his CNBC interview, Al Omar took pains to point out that KFH was doing just fine.  He noted that since AIG is consolidated into KFH's financials there will be no sudden surprise from its losses.  In good Essam Janahi fashion he noted that in any case most of these losses were unrealized. In a similar vein,  I have a colleague who has an "old" General Motors stock certificate in a very nice frame on his office wall.  Since he has not sold it, I believe that technically he hasn't realized the loss yet. 

Al Omar also described progress at KFH Malaysia - it has restructured its debts and a new GM has been appointed. There has been growth in assets of 7%, deposits 17%, and shareholders' equity 30%.  And that it had Malaysian Ringgit 485 million in revenues and MR 162 million distributed to shareholders. 

He also mentioned some other overseas subsidiaries under the rubric that their progress showed that KFH's franchise was broad enough to withstand any negative impact. 

Sunday 25 April 2010

Aref Investment Company Putting Final Touches on Restructuring Plan Lauds KFH's Help


AlWatan quotes Ibrahim AlKhazzam, Managing Director, of AIG that they are putting the final touches on their restructuring plan.  As envisioned AIG will make its first principal repayment 18 months from signing to give the company sufficient time to recover and implement its restructuring.  The plan is to restructure both liabilities and assets (AIG is a significant creditor as well as a debtor).

He noted that liabilities were only 1.9x equity - what he described as a low ratio.  Asset values were increasing.  He cited a particularly bright future for Aref Energy - with more than KD30 million in cash and no debts - ready to participate in the Government's Five Year Development Plan.

He expects to finish the restructuring in two months - noting that international consulting firms were helping in the process.

As I noted in an earlier post, KFH owns 53% of AIG and to the extent that it puts its financial and market muscle behind AIG, the company should be able to move forward.

Mr. AlKhazzam outlines in this article just how much KFH has done.  

First, there was the KD132 million loan extended so that AIG could pay off foreign creditors and investment funds - greatly reducing the complexity of negotiations by eliminating a potentially troublesome set of creditors.  And as well demonstrating a very strong vote of confidence by KFH.

What was news to me was that KFH has been not only supporting AIG but its associated companies.  Specifically named were Munshaat Real Estate Projects (25% ownership by AIG.  KSE Stock #433), Aref Energy Holding (72%, KSE #627), Sukuk Holding (49%, KSE #239).  He mentioned that KFH's 100% subsidiary Liquidity Management House was helping AIG negotiate with lenders.

Friday 23 April 2010

Aref Investment Company KD127 Million in 2009 Losses Restructuring Ahead

AlQabas reports that reported Fiscal Year 2009 losses of some KD127 million (which is roughly KD20 million more than Aref's paid in capital).

The latest financials on the KSE are 30 September 2009.  At that point it had KD57 million in losses for the year.  Adding another KD70 million takes shareholders' equity to roughly KD175 million as opposed to KD304 million at fiscal year end 2008.  There are sufficient reserves to offset the losses and thus eliminate the legal problem of retained losses exceeding a substantial amount of paid in capital.  The possibility of a capital increase is also mentioned.

More troublesome for the company is the fact that current assets are only KD41.7 million versus current liabilities of KD347.6 million.

Current management is said to be working hard to clean the books. To draw a line between the old board and the new so that responsibility can be established.

KFH is credited with helping solve the problem of foreign debts by lending KD130 million.  Local debts (before the KFH loan) were reported at some KD73 million.  It should be noted that KFH owns some 53% of Aref. 

With KFH behind it and presuming that KFH is committed to using its financial resources to help, Aref should be able to work its way through the restructuring process.

Wednesday 3 February 2010

The Investment Dar "Our Appeal in Case with Aref Investment Group Still in Process"


I mentioned in my post yesterday on Aref Investment Group's announcement that we could expect a statement from The Investment Dar.

Today TID released a statement on the KSE (text below).

TID states that the judgment is not final and that the matter has been referred to Experts Board for review.  And thus the appeal is still in process.

Here's the text of TID's statement.
[11:36:9]  ِ.ايضاح من دار الاستثمار بخصوص رفض الاشكال المرفوع ضد مجموعة عارف ‏
يعلن سوق الكويت للاوراق المالية بانه ورد اليه الان من شركة دار الاستثمار ‏
بخصوص الاعلان الصادر عن شركة مجموعة عارف الاستثمارية بشان رفض ‏
الاشكال رقم 33379/2009 مستعجل 7 المرفوع من شركة دار الاستثمار ضد ‏
مجموعة عارف الاستثمارية ،وصدور حكم فى الدعوى رقم 7400/2009 ‏
تجاري بالزام شركة دار الاستثمار بمبلغ 12,644,771 د.ك ،فان الشركة تفيد ‏
بان الاشكال المذكور صدر فيه الحكم بجلسة 27-01-2010 وهو حكم وقتي ‏
وتم استئنافه .‏
اما بالنسبة للحكم رقم 4700/2009 تجاري كلي ،وهو حكم لمحكمة اول درجة ‏
وتم استئنافه من قبل شركة دار الاستثمار بالاستئناف رقم 4190 لسنة 2009 /‏
اسئناف تجاري 1 وصدر الحكم فيه بجلسة 31-01-2010 بقبول الاستئناف شكلا ‏
وفى الموضوع باحالة الدعوى الى ادارة الخبراء ،مما يعني ان الحكم المذكور
غير نهائي ولازال محل بحث لدى محكمة الاستئناف .‏

Tuesday 2 February 2010

The Investment Dar - Aref Investment Group Court Case: Judgment in Aref's Favor Apparently Upheld

Aref Investment Group announced on the Kuwait Stock Exchange that Kuwaiti Court had rejected TID's non payment of KD12,644,771 previously awarded in favor of Aref.  It's unclear if this was a judgment by the appeals court, the press release uses the term "Istishakal" and "Ishkal".  In any case it seems Aref has won another judgment and TID has been fined KD100, ordered to pay KD 50 in lawyers' costs and forfeited its guarantee.  TID had apparently filed a request with the Court to stay the implementation of the earlier judgment.

You'll recall that the Court of First Instance ruled in Aref's favor in November.  Earlier posts here and here.

This confirms my earlier comments that approval of the restructuring plan by 2/3 of TID's creditors does not stay legal actions by creditors deciding to pursue their rights outside the restructuring.  In other words that there is no legal mechanism in Kuwait to "cram down" dissident creditors.  This could complicate the implementation of the restructuring.

I expect that tomorrow TID will issue its own press release so stay tuned.

Here's the Arabic text of Aref's press release.

[12:29:48]  ِ.ايضاح من (عارف) بخصوص رفض الاشكال فى التنفيذ المقام من دار الاستثمار
يعلن سوق الكويت للاوراق المالية بانه ورد الينا الان من شركة مجموعة عارف ‏
الاستثمارية بانه قد سبق ان صدر حكم لصالح مجموعة عارف الاستثمارية ‏
فى القضية رقم (7400/2009) تجاري كلي ويقضي بالزام شركة دار الاستثمار ‏
بان تؤدي لمجموعة عارف الاستثمارية مبلغ وقدره 12,644,771 د.ك مع الزام ‏
شركة دار الاستثمار بالمصروفات واتعاب المحاماة ،واستشكلت شركة دارالاستثمار
فى تنفيذ الحكم المذكور بالاشكال رقم 3379/2009 مستعجل /7 وصدر حكم برفض ‏
الاشكال المذكور وتغريم الشركة المستشكلة 100 د.ك ومصادرة الكفالة وخمسون ‏
د.ك مقابل اتعاب المحاماة .‏

Thursday 31 December 2009

Aref Investment Group - Chairman Resigns

Aref Investment Group Kuwait announced on the Kuwait Stock Exchange that its board met on 30 December 2009 to accept the resignation of its Chairman, Dr. Ali Fahd AlZami'i, (both from the Board and as Chairman) and the appointment of Mr. Ibrahim Abdullah AlKhazaam, as Managing Director effective 1 January 2010.

The market had been rumoring a major change as evidenced in this earlier post.

This year there have been more than the usual changes in boards and management of financial companies in Kuwait - some of which I've commented on - reflecting the difficult situation of many companies there.  You will also recall that Aref has been identified as one of the companies opposing The Investment Dar's restructuring proposal.  The question is whether this change is at all related to any change in approach by Aref on that topc.  My guess is not and that the two are not related.  But as Umm 'Arqala can testify from years of experience AA isn't always right.

You can access earlier posts on both Aref and The Investment Dar by using the respective labels on SAM's home page.

Here's the KSE announcement (Arabic text only).

9:44:3] ِ.استقالة رئيس مجلس إدارة مجموعة عارف الاستثمارية وانتخاب عضو منتدب ‏
يعلن سوق الكويت للأوراق المالية بأن مجموعة عارف الاستثمارية أفادته ‏
بأن مجلس إدارة الشركة قرر في اجتماعة بتاريخ 30-12-2009 قبول ‏
استقالة الدكتور / على فهد الزميع من رئاسة وعضوية مجلس إدارة المجموعة ‏
اعتباراً من نهاية دوام يوم 31-12-2009 واختار المجلس السيد / ابراهيم ‏
[عبدالله الخزام عضوا منتدبا اعتباراً من يوم 1-1-2010 .‏

Sunday 13 December 2009

Changes in Board at Aref Investment Company?

AlQabas reports that there will be a signficant change in Aref's Board of Directors - a major figure will leave next year.  The delay in the change is attributed to the financial crisis.  The replacement is said to be aware of the company's internal and external circumstances.

Those who read this blog and Arabic will recall that Aref posted a KD55.1 million loss for the first nine months of 2009 versus a KD39.6 million profit for the same period in 2008. 

Looking at the Arabic financials, here's a bit of tafsir for those interested.
The first line 55 million and 17 million losses are respectively for 9 months and 3Q09.
The next line are per share earnings for the same periods.
The next line is current assets - roughly 330.5 million.
The next line total assets - roughly 780.9 million.
Then follow current liabilities - roughly 366.6 million.
Then total liabilities - roughly 491.9 million
Then total equity - roughly 245.1 million.

If you're wondering, yes, even in Kuwait  the balance sheet must balance.  The missing amount - roughly 43 million - represents minority interests in Aref.

The comparative figures for 2008 are below with net income at 39.6 million for nine months and 12.1 for 3Q08.  With this you should be able to match the other numbers here using the 2009 data as a guide.

Earlier Aref financials are at the KSE website.  Here.

Aref also won a first round suit against The Investment Dar as previously detailed here and here.

Thursday 26 November 2009

The Investment Dar - Legal Suit Update: Investment Dar Bank and Aref

More from AlQabas.

Investment Dar announces following results of legal actions on 24 November:
  1. Bahrain:  The Bahrain Court (presumably Court of Appeals though not specified) has ruled in TID's favor and lifted the legal freeze on its assets in Bahrain, including those all important (from a monetary standpoint) shares in Bank of Bahrain and Kuwait.
  2. Kuwait:  TID noted that the judgment in Aref Investment Company's favor was issued by the Court of First Instance and the mere lodging of an appeal (to the Court of Appeals) would stay the judgment.
There are two interesting points to note:
  1. Investment Dar Bank Bahrain is listed by Investment Dar Kuwait as an affiliate/subsidiary.  And there was earlier speculation in the Kuwaiti press about the rumored resignation of one of Investment Dar Bank's directors.  Earlier post here.  It is highly uncommon for a subsidiary/affiliate to sue a parent.
  2. As I commented earlier, the existence of the Aref lawsuit is not helpful to the restructuring process.   Bankers don't like the threat of lawsuits hanging over obligors.
For more on TID use the label: The Investment Dar.

    Wednesday 25 November 2009

    Aref Announces KD12.6 Million Judgement in Its Favor Against The Investment Dar - Investment Dar Replies

    Aref Investment Company issued an announcement on the Kuwait Stock Exchange that the court had ruled in its favor in its case against TID and awarded it KD12,644,771 (US$44,256,699).

    [9:33:4]  ِ.صدور حكم لصالح مجموعة عارف الاستثمارية ‏
    يعلن سوق الكويت للاوراق المالية بانه ورد الينا الان من شركة مجموعة ‏
    عارف الاستثمارية بانه تم صدور حكم لصالح الشركة فى الدعوى رقم ‏
    ِ2009/47000 تجاري كلي 9 ،ويفيد الحكم بالزام المدعي عليها (دار الاستثمار)‏
    بان تؤدي للمدعية (مجموعة عارف الاستثمارية) مبلغ وقدره 12,644,771 د.ك ‏
    والزمتها بالمصاريف .‏
    وعليه سوف تعاد الشركة الى التداول بعد عشر دقائق من نزول الاعلان .‏

    And TID issued its own KSE announcement in reply:  this is only the first round (first level court) and that they will lodge an appeal with the Court of Appeals.  By lodging an appeal, TID will stay enforcement.

    [12:25:40]  ِ.ايضاح من دار الاستثمار بخصوص الحكم الصادر ضد الشركة ‏
    يعلن سوق الكويت للاوراق المالية ،بان شركة دار الاستثمار افادت بخصوص ‏
    الاعلان المتعلق بالحكم الصادر فى الدعوى رقم 2900/4700 ت.ك/ 9 ‏
    المقامة من شركة مجموعة عارف الاستثمارية ضد شركة دار الاستثمار ،
    افادت الشركة بان ذلك الحكم هو مجرد حكم ابتدائي صادر من محكمة اول ‏
    درجة وغير قابل للتنفيذ اذ ان حجيته مؤقتة وتزول بمجرد الطعن عليه ‏
    بالاسئناف ،حيث ستقوم شركة دار الاستثمار باسئناف الحكم سيما وان ذلك ‏
    الحكم لم ينظر دعواها الفرعية المرتبطة بهذه الدعوى .‏
    وافادت الشركة بانها سوف تقوم بموافاة ادارة السوق باى مستجدات مستقبلية ‏
    بهذا الخصوص .‏

    Coming on the heels of the report of less than a brilliant meeting Tuesday by the Creditors' Co-Ordinating Committee, this is another bit of bad news for TID as it will embolden other creditors in the "no" camp.

    Sunday 22 November 2009

    Aref Investment Group 3Q09 Financials - Summary in Arabic

    Also for those with an interest.  Source again is the Kuwait Stock Exchange.

    [11/18/2009-8:25:50]  بلغت (خسارة)(عارف) (55) مليون د.ك لل9 أشهر المنتهية في 30-09-09 ‏
    يعلن سوق الكويت للأوراق المالية أن شركة مجموعة عارف الاستثمارية (عارف)‏
    افادت بانها حصلت على موافقة بنك الكويت المركزي على بياناتها
    المالية المرحلية للفترة المنتهية في 30-09-09 أمس الثلاثاء الموافق
    ِ17-11-2009 ، وفقا لما يلي:‏
    البند       ال3 أشهر المنتهية في 30-09-09   ال9 أشهر المنتهية في 30-09-09‏
    الربح(خسارة)(د.ك)                (17.071.117)        (55.091.556)‏
    ربحية(خسارة)السهم (فلس كويتي)      (16)                  (52)‏
    اجمالي الموجودات المتداولة                -               330.465.773‏
    اجمالي الموجودات                         -               780.859.321‏
    اجمالي المطلوبات المتداولة               -                366.552.204‏
    اجمالي المطلوبات                         -                 491.865.414‏
    ِ اجمالي حقوق المساهمين                -                  245.081.571‏
    بلغ اجمالي الايرادات من التعاملات مع الاطراف ذات الصلة مبلغ 2.918.745 د.ك
    بلغ اجمالي المصروفات من التعاملات مع الاطراف ذات الصلة مبلغ 5.150.301 د.ك
    ِ2- الفترات المقارنة :‏
    البند       ال3 اشهر المنتهية فى 30-09-08  ال9 اشهر المنتهية فى 30-09-08‏
    الربح (د.ك)                   12.141.478            39.627.332‏
    ربحية السهم (د.ك)                11                          50‏
    اجمالي الموجودات المتداولة        -                     323.139.772‏
    اجمالي الموجودات                 -                      752.925.572‏
    اجمالي المطلوبات المتداولة        -                      220.832.086‏
    اجمالي المطلوبات                -                        379.557.786‏
    اجمالي حقوق المساهمين         -                        329.508.905‏
    وعليه سوف تعاد الشركة للتداول اعتبارا من اليوم الاربعاء الموافق 18-11-09.‏