Global's General Assembly approves 70 per cent cash dividend, 10 per cent stock dividend and a capital increase of 20 per cent

The meeting commenced with a presentation of the Board of Directors' report by the Chairman Mr. Anwar A. Al-Nouri, in which he praised Global's great achievements and results during 2004, describing them as "demanding yet fruitful". He also spoke of the company's strategy of geographical expansion which began in 2004 and will continue well into this year.

He said, "2004 proved a demanding, yet fruitful year for Global, with a number of milestone accomplishments. The company's growth was apparent in assets under management, which by the end of December 2004, reached over KD1 billion (USD3.5 Billion), crediting new investments in our managed portfolios, in addition to subscriptions within our existing and newly launched funds during the period. The appreciation achieved by our funds also played a major role in the growth of our assets under management."

"This year, our strategy focused towards geographic expansion into the GCC region. The first step was the official inauguration of our office in the Kingdom of Bahrain and floating Global shares on the Bahrain Stock Exchange. In addition, we have acquired significant stakes in various financial services companies such as Shurooq Investment Services Company (Oman), United Finance Company (Oman), Jordan Trade Facilities (Jordan) and BankMuscat International (Bahrain), among others" Mr. Al-Nouri added.

Discussing Global's financial achievements, the Chairman said, "the company has also achieved distinctive performance, with profits of KD21.3 million (USD72 million) for the period ending December 2004, translating into 104 fils earnings per share (EPS) and a return on equity of 51.6%, compared to 43.9% last year."

Subsequently, Mrs. Maha K. Al-Ghunaim, Vice Chairman & Managing Director, expressed her pride in company's ability to implement its plan set in 1998 and considered 2004 as a "year of extraordinary achievements."

She affirmed, "It has been an extraordinary year for Global, as we have consistently gone beyond expectations set. During the year, revenue has increased by 63%, reaching KD29.2 million (USD100 million), assets under management reached KD1.04 billion (USD3.5 billion). Our growth has emerged through progressive investment banking deals, in addition to the launch of various new funds."

"Global first began its expansion on the regional front based on the fact that the GCC states are a natural link to Kuwait, in addition to encompassing a number of promising investment opportunities," Mrs. Al-Ghunaim explained.

She continued, "Our regional expansion efforts have proven successful in our initiatives. During the fiscal year, the company had issued a KD20 million bond to increase our financial resource base and take opportune advantage of the market's prospects. In doing so, Global has acquired major stakes in companies across the Middle East and elsewhere."

Soon after, the AGM approved a cash dividend of 70%, stock dividend of 10% and a capital increase of 20% at 100 fils par value in addition to 500 fils premium, increasing the capital to KD27.8 million from KD20.8 million. It also approved listing Global on various regional stock exchanges and all the articles listed on the meeting agenda.

In addition, the AGM elected the board members for the coming period which included Mr. Al-Nouri as Chairman, Mrs. Al-Ghunaim as Vice Chairman & Managing Director, and Mr. Khaled J. Al-Wazzan, Shiekh Abdullah J. A. Al-Sabah, and Mr. Marzouk N. Al-Kharafi as board members.

Mr. Al-Nouri and Mrs. Al-Ghunaim thanked the Board Members and all Global's employees and shareholders for their efforts and support.