Kuwait-Mubasher: First Investment said Wednesday that the court of cassation has declined the appeal filed by the company against a previous rule court order which was in favor of its opponent Amjad Holding.
The company said that the financial impact expected from the ruling is a provision worth about KWD 226,610 for legal interest, as stated on 13 October, 2015.
The ruling also obliges the company to transfer a certain equity portfolio as well as due dividend yields to the plaintiff.
Earlier this month, First Investment announced it bought a 15.82% stake in an unlisted company, with a total value of about KWD 2.65 million.
First Investment’s earnings for the first nine months surged 400.6% to KWD 1.44 million ($4.73 million).
