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FINANCIAL NEWS
Kuwait’s Global seeks creditors’ nod on debt-for-equity plan
12 Aug 2012
(MENAFN) Global Investment House (Global) said it will propose to shareholders a debt-for-equity swap which will see creditors own 70 percent of the company, Reuters reported.
The proposal, to be put to shareholders on September 2 annual general meeting, includes offering USD432.87 million worth of new shares to creditors, Global said in a filing on the Dubai stock exchange.
The capital increase will result in creditors owning 69.98 percent of the firm’s equity, the company concluded.
The meeting will also seek creditors’ approval to write off USD109.88 million worth of losses against its current share premium and a further USD272.4 million from its existing paid-up capital, Global said.
Global, which counts the governments of Kuwait and Dubai as major shareholders, asked bank creditors in September to suspend payments on a USD1.7 billion plan agreed in 2009.
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