Gulf Holding Company (GHC), a Kuwait-based investment company, has announced plans to boost its liquidity by exiting certain investments in line with its new strategy.

Announcing this at the company's general assembly held recently, GHC vice chairman and managing director Ahmed Al Ameer said, 'The company aims at achieving the best returns of investments possible through the development of plans and one of our priorities is to enhance the company's liquidity by exiting certain investments.'

'The company's current and future policy aims at making moves on various levels in order to protect and maintain the company's assets and its investments, and also to look at the positive exit of certain investments,' he added.

He revealed that the company had considered the exit of some of its investments which resulted in exiting one of its investment at a 10 per cent premium.

Commenting on its financial position, Al Ameer said, 'The GHC had trimmed its expenditures by around 40 per cent in 2009, compared to 2008, which is a testimony to our keenness to maintain and protect the shareholders' equity, and we will continue to reduce operating expenses further.'

'Despite the unfavourable market conditions, Gulf Holding managed to post net earrings of KD4.1 million for 2009, compared to KD 5.7 million for 2008,' he pointed out.

'Earnings per share stood at 4.86 fils for the year, compared to 6.82 fils for 2008, and we are constantly seeking to develop our investments, make profits and increase the shareholders' equity on the one hand and to take extreme care and act prudently in the face of high risks amid a highly volatile and unpredictable market on the other hand,' he added.

On its key projects, Al Ameer said GHC has appointed Oppenheimer Investment Group, a global investment company, as an advisor to its Villamar and Villa Royal projects.

'We have made large strides in defining the promising strategies for Villamar Project, in order to create new global marketing opportunities after noticing the depressed conditions on the local market. Based on Oppenheimer's experience on the global market, we are expecting substantial progress in developing and marketing Villamar project over the near future,' he added.

When asked about the company's listing on Kuwait bourse, Al Ameer said, 'We believe time is not opportune for listing. Yet in response to the pressing demands from our shareholders for listing, we have filed all the requisite documents, including the consolidated financial statements for the previous years as well as the financials for 2009, and we are waiting for the Kuwait Stock Exchange's resolution on this issue.'

The general assembly later unanimously elected the company's alternate members in the presence of its shareholders.-TradeArabia News Service