Mubasher: United Gulf Investment Corp (UGIC) losses surged by 1965.7% in the fourth quarter of last year to BHD2.95 million ($7.9 million), compared with BHD1,500 ($4,000) during the same period of 2014, according to a bourse filing.
The board of directors proposed withholding dividends for FY15.
The company’s shareholders approved in March 2015 carrying over profit earned by the end of fiscal year 2014.
The company is capitalised at BHD20 million, divided into 200 million shares with a nominal value BHD0.1 each.
The investment company achieved BHD5.81 million annual losses for FY15, against BHD940,700 profit in FY14.
