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Global debt repayment ahead of schedule

Global Investment House has repaid a total of $178.3m in the first year of its debt rescheduling agreement - $5.8m ahead of schedule.

Global said made a further principal repayment of $27m under the debt-rescheduling agreement signed with 53 lending banks.

The deal required Global to settle 10% of the debt ($172.5m) within the first year.

Following repayments of $28.9m on 21 April, $50m on 21 July and $72.5m on 21 October this year, the company has now repaid a total of $178.3m which is $5.8m in excess of the agreed repayments due in the first year.

Global has made interest payments of $82m in addition to settling the $71.1m bond on its due date of 23 December, 2009.

Chairman and MD Maha Al Ghunaim said: "I am delighted that despite ongoing market volatility and macro headwinds both in the GCC and the wider international economy, we have succeeded in not only meeting but exceeding our obligations under the debt-restructuring agreement we signed last year."

Story provided by StockMarketWire.com

13/12/2010