The debt restructuring process was formally commenced today following a well attended meeting in Kuwait with the Company's bank lenders. The banks have agreed to form a steering committee to continue discussions with the Company and its advisers. The management of Global is committed to resolving the process as quickly as possible and is confident that this will be achieved to the benefit of all stakeholders.
Maha Al-Ghunaim, Chairperson and Managing Director added, "We are very focussed on the long-term interests of our lenders, clients, employees and shareholders and expect to reach an agreement with our financing providers soon."
Omar El-Quqa, Executive Vice President, commented, "We are pleased with the outcome of today's meeting and look forward to constructive discussions with our lenders. We are encouraged by the support that we have already received from some of our lending banks."
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Global Investment House appoints HSBC as international adviser in its talks with lending banks
- Kuwait: Monday, December 22 - 2008 at 08:58
- PRESS RELEASE
Global Investment House announces that HSBC Bank has been appointed as international financial adviser to renegotiate the existing credit facilities' terms with lending banks in addition to the previous appointment of CBK Capital as local financial adviser.
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Notes and media contacts
About Global Investment House "Global"Global Investment House "Global" is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, Dubai and London Stock Exchanges. Global plays an important role in promoting investment opportunities in the MENA region to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global's achievements have been recognized on local, regional, and international levels. The company's current assets under management reached KD2.7bn by 30th September 2008.
For further information please contact:
Nazem Y. Al-Ghabra
Media Relations Executive
Marketing and Communications Department
Global Investment House- Kuwait
+965 2295 1000, ext 1628
+965 2295 1628
+965 2295 1638
28807 Safat, 13149 Kuwait
Posted by Medilyn Manibo, Assistant News EditorMonday, December 22 - 2008 at 08:58 UAE local time (GMT+4)
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