Global announced today that meetings were held in the State of Kuwait at the Company’s headquarters with the Bondholders’ Association for the three outstanding bonds: KD20 million bonds due on 23 December 2009; KD45 million bonds due on 25 April 2012; and KD50 million bonds due on 24 November 2013.

In these meetings, Global as the issuer of three bonds, offered to the bondholders security on the same terms and basis as is being proposed to be offered to the banks and financial institutions currently in discussions with the Company for restructuring of the debt.  Further the Company sought bondholder's authorization to the relevant restructuring documents to which the bondholders will be signatories through their authorized representatives.  The Company plans to settle the bonds as they mature in 2009, 2012 and 2013.   Therefore, no extension was sought to the bonds maturity.

The associations of 2009, 2012 and 2013 bonds accepted the Company’s proposals and authorized their respective “Representatives of the Bondholders’ Association” to execute the relevant restructuring documents.

Mrs. Maha Al-Ghunaim, Chairperson and Managing Director of Global, commented. “I am pleased by the outcome of these meetings as it strengthens the bondholders position through security, brings all classes of financers on pari passu basis in the debt restructuring and is yet another milestone accomplished towards successful conclusion of the debt restructuring.”