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    NINV   KW0EQ0200281

NATIONAL INVESTMENTS COMPANY

(NINV)
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National Investments Company K.S.C.C. : Kuwait's Kharafi group wins $930 million from Libya - media

05/20/2013 | 03:48am EDT

KUWAIT (Reuters) - Libya will have to pay Kuwait's Kharafi group $930 million (611 million pounds) in damages for former leader Muammar Gaddafi's cancelling of the construction of a vacation resort, Kuwaiti newspapers reported on Monday.

M. A. Kharafi and Sons, a company owned by one of Gulf state's biggest merchant families, won the award in arbitration proceedings via the Arab League, al-Rai newspaper said, without giving its source.

Officials at Kharafi, which owns National Industries Group <NIND.KW> (NIG), National Investments Co. (>> National Investments Company K.S.C.C.), Al Mal Investment Co. <MALK.KW> and a stake in telecoms (>> Mobile Telecommunications Company KSC), were not immediately available for comment on the report, which was also in al-Qabas and al-Jarida newspapers.

The Kuwaiti group signed a contract in 2006 with late leader Gaddafi's government to build the resort in Tripoli, which would have included hotel accommodation, villas and a shopping mall, the reports said.

The company spent money on feasibility studies, design and management contracts up until 2010, until Libya cancelled the deal, the newspapers said. An uprising in 2011 eventually led to Gaddaffi's death and his government's fall late that year.

The Kharafi group claimed it had lost 90 years worth of revenue in the deal and used a joint investment protection agreement from the Arab League for the case, the newspapers said.

(Reporting by Sylvia Westall; editing by Patrick Graham)


ę Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
MOBILE TELECOMMUNICATIONS COMPANY 2.67% 576 End-of-day quote.-0.69%
NATIONAL INVESTMENTS COMPANY 2.90% 142 End-of-day quote.7.58%
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Financials
Sales 2020 9,60 M 32,0 M 32,0 M
Net income 2020 -2,66 M -8,86 M -8,86 M
Net cash 2020 83,3 M 278 M 278 M
P/E ratio 2020 -42,0x
Yield 2020 8,15%
Capitalization 142 M 472 M 473 M
EV / Sales 2019 1,30x
EV / Sales 2020 2,54x
Nbr of Employees -
Free-Float 31,0%
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Managers and Directors
Fahad Abdulrahman Saud Al-Mukhaizim Chief Executive Officer
Girish S. Nair Chief Financial Officer
Hamad Ahmed Hamad Al-Ameeri Chairman
Khalid Owaida Executive Vice President-IT & Online Trading
Amira Abdul Rahman Muhammad Executive VP-Risk Management & Compliance
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