KUWAIT: Kuwait’s Global Investment House said yesterday it aimed to relist its shares on the Kuwaiti bourse, after its listing was cancelled last year because of accumulated debt.
In an interview, Global’s Chief Executive Maha Al Ghoneim said the company was now “debt-free” following its debt restructuring last year.
She added that the relisting would be discussed at an annual general meeting next Sunday. Subject to shareholder approval, Global’s board of directors will start the necessary procedures with Kuwait’s Capital Market Authority, Al Ghoneim said.
Al Ghoneim did not specify a time frame for the company’s return to the bourse, noting that the process would be subject to the regulator’s approval.
Global is currently focusing on asset management, investment banking and brokerage businesses in Kuwait and other Gulf Cooperation Council markets, Al Ghoneim said. It manages $4.2 billion of assets.
The company, whose shares are also listed in Bahrain and Dubai, was hit hard by the global financial crisis. It underwent two restructurings in the space of several years, asking creditors in September 2011 to suspend payments under a $1.7 billion debt plan agreed in 2009.
Dana Gas gets $100m for gas field development
ABU DHABI: Dana Gas, the United Arab Emirates energy firm, secured $100m of financing to develop an offshore gas field in the north of the country, with the first gas production expected early next year, it said yesterday.
The four-year credit facility from banks comprises the debt component of the financing for the Zora gas field development, Dana said in a statement. The company has spent about $49 million so far as part of the project’s equity financing.
The Zora field will provide gas for local power generation in the northern UAE.
Mandated lead arrangers and joint bookrunners for the credit facility are Emirates NBD, Commercial Bank International, Commercial Bank of Dubai and Barwa Bank.
Agencies
