Securities House slashes debts in Kuwait

The Securities House company succeeded in slashing its debts from KD 56.7 million to KD 52.8 million in 2012, said the company Chairman and Managing Director Ayman Boudai on Monday. Addressing the house regular general assembly, he said the company worked out settlements with crediting banks to resolve problem of the debts that reached a record high level of KD 203 million in 2010. Rest of the debts are forecast to be paid during remaining months of the current year, Boudai said. Elaborating, the chairman said the company worked out a deal, in 2013, for selling Abraaj water Co. to a "strategic investor," after its market value grew," noting the move would result in making approximately KD nine million worth of profits.