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Kuwait City: Global Investment House (Global) announced on Saturday that Global Opportunistic Fund I (GOF-I) has declared a pay out of approximately 9 per cent.
Along with earlier distributions, the total distributions for the fund aggregate to approximately 25 per cent of the capital invested to the unit holders on record as on March 31, 2008.
"The payout represents the principal and net investment income from fully exiting Al Argan International Real Estate Company and partially exiting from Al Shafar Industries and Ithmaar Bank as well as dividend payouts from various portfolio companies," said Omar M Al Quqa, Executive Vice President of Global.
GOF-I invested in Al Argan August 2005 and since then, Al Argan has established itself as one of the pioneers in the residential development segment in Kuwait.
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Shailesh Dash, Head of Alternative Investments Group said, "The Fund Manager, Global Investment House, was negotiating the sale of Al Argan with a strategic investor since mid-February when the stock was trading at 390 fils and managed to close the deal at a price of 440 fils to give GOF-I a 13 per cent premium above market price.
The transaction was executed on the Kuwait Stock Exchange to reflecting a 2.31 return multiple on investment and an absolute return of 131 per cent over the total holding period of the fund.
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