Dubai: Global Investment House said on Wednesday its board has proposed a cash distribution of 7.5 million Kuwaiti dinars to shareholders by capital reduction.

The decision came in the backdrop of continued profitability in the past five years, accompanied with a conservative asset allocation, high levels of cash and other liquid assets on the balance sheet.

The capital reduction will be implemented by cancelling 75 million shares and shareholders will be paid 0.100 dinars cash for each share cancelled, the company said in a statement.

On conclusion of the capital reduction, the authorised, issued and fully paid share capital of the Parent Company will be reduced to 49.5 million dinars.