TII defers it's General Meeting
Owing to lack of quorum legally required for convening the General Meeting of The Internaitonal Investor "TII", it has been decided to postpone the meeting in accordance with applicable rules.
As for the press release of Dallah AlBaraka Holding Company (DGHC), we would like to confirm that the statement included many misrepresentations and allegations against the International Investor, which are totally baseless. "TII" would also like to stress that it will not be entering into any media debate regarding this matter. This is because Dallah DBHC's press release revolved around three main issues. The first issue addressed the court cases between "TII" and "DGHC" which are still pending in both London and Kuwait. The second issue reflected the view point of DBHC, in which respect we would like to clarify that, due to differences of opinion between the two parties and their inablitiy to reach an amicable solution that observes the interests of all shareholders, TII Board decided to refer the matter to arbitration. Such a route was agreed upon by both parties in the Shares Transfer Agreement signed in October 2001. The third issue represented DGHC interpretation of the financial statements of "TII", in which regard we would like to clarify that "TII" has professinally acted at all times in fulfulling its contractual obligations. In this specific respect, the financial statements have been prepared in accordance with the international accounting standards and have been approved by two of the best qualified auditing firms. Moreover, the financial statements have also been authorized by the official regulatory bodies in Kuwait, including Kuwait Stock Exchange.
We would like to stress to the public at large that our confidence in the soundness and integrity of TII's position will be vindcated by the award of arbitration, which we consider to be the quickest, fairest and most transparent solution to reaching a settlement in the best interests of both parties, and the best way for protecting the rights of all shareholders.
“TII" would be pleased to reply to any enquiries the shareholders may raise at the general meeting, which will be held on January 12th, 2003.