Tuesday, Feb 08, 2011
BEIRUT (Zawya Dow Jones)--Kuwait International Investment Co., or KIIC, will soon ask the local bourse to re-list its shares, Kuwait-based Al Watan daily reports Tuesday citing an executive.
Kuwait Investment Authority, the country's sovereign wealth fund, which owns more than 31% of KIIC, will be the first to benefit from the return of KIIC's shares to trading, Hamed Al Eiban, KIIC's chairman, said according to the paper, following the meetings of the company's general assemblies of shareholders for the years from 2004 to 2009.
KIIC's new board will hold its first meeting next week to elect the company's new president and new managing director and will discuss a request to the bourse's administration to allow the company's shares to trade again, the daily cites Eiban as saying.
The company, burdened by financial troubles since the Iraqi invasion to Kuwait in 1990, has settled its debts, and will return to the investment market, Eiban said.
Newspaper website: http://alwatan.kuwait.tt/ArticleDetails.aspx?Id=87771
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
08-02-11 0425GMT
