Dubai : Shareholders of Kuwait's Global Investment House, the country's largest investment bank, will hold an ordinary general assembly this month to approve the transfer of the company's investment assets as part of a $1.73 billion (Dh6.35 billion) debt rescheduling plan, the company said yesterday.
Global signed on December 10 an agreement with creditors to reschedule debt over a three-year period and use proceeds from the sale of assets to make payments after defaulting on a loan a year ago.
Agreement
Under the agreement, Global said it would transfer assets from its Principal Investment Business into the Bahrain-based Global Macro Fund and Kuwait-based Real Estate Holdco special investment vehicle.
Besides the transfer of assets, Global shareholders will also approve using the assets transferred to the funds as security for creditors at the general assembly, Global said in a statement to the Kuwait bourse yesterday.
Global defaulted on most of its debt as the financial crisis left its mark on Kuwait's financial industry, prompting the government to guarantee bank deposits and introduce a financial stability bill among a slew of other measures aimed at shoring up banks and investment companies.
Global repaid on December 23 a 20 million Kuwaiti dinar (Dh254.8 million) bond on maturity.
