GIH has issued a press release on its 2009 financials. I thought you might want a more optimistic take on their 2009 performance than that published yesterday on this site. When you've got the right attitude, you can find success just about anywhere. And I suppose the contrary may be true as well.
Note the whopping KD5.6 million paid for the restructuring.
A couple of comments in the press release caught my eye:
In commenting on 2009 legal expenses GIH said: "Global believes that legal and advisory costs relating to the Company’s debt default were of a one-off nature." Seems reasonable unless they're planning another restructuring.
"Global has adopted best international practices in corporate governance to ensure not only the achievement of a strengthened corporate governance environment, but to also lead the industry by example." Лучше поздно чем никогда!
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3 comments:
"...but to also lead the industry by example."
HAHAHAHAHHAHAA!
Amazing powers of self-delusion....
TRC
I had the impression you lived up "north".
Given the average state of corporate governance and business ethics in GIH's home country, it really wouldn't require much to be an industry leader in the field.
And this is after all the company that recently won a prestigious award for honesty and professionalism. In commenting on that award, I noted that it not only reflected on GIH but also on the competition.
i couldn't agree with you more on the first point. Corporate governance is pretty much a joke up here...
However, I wouldn't necessarily apply a blanket statement over the "competition"... not everybody has the wherewithal nor the imagination to conduct business the way GIH has for the past decade...
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