Kuwait's CMA Decides Not to Delist Global Investment House

Thursday, Oct 11, 2012

(This article was first published Wednesday.)

BEIRUT (Zawya Dow Jones)--Kuwait's Capital Markets Authority, or CMA, said Wednesday that it has decided not to delist Global Investment House (GLOBAL.KW) from the local bourse.

Global is one of the listed companies whose shares were suspended from trading from more than six months, the regulator said in a statement posted on the Kuwait bourse website.

The CMA said in July that it would delist the asset management and investment firm unless it fulfilled two conditions by Sept. 30. The first was to write off the balance of its accumulated losses as on Dec. 31, 2011 and the second condition that its capital be at least 15 million Kuwaiti dinars ($53.35 million).

Global said in September that its shareholders had approved a plan to settle its $1.7 billion debt by giving the creditors a 70% stake in the company through a capital increase. The plan also includes writing off KWD108 million of its accumulated losses.

Global also said that month that its shareholders had approved delisting its shares from the Bahrain and Dubai bourses.

Write to Shikrallah Nakhoul at shikrallah@zawya.com

(END) Dow Jones Newswires

11-10-12 0343GMT