Kuwait Financial Market Update
Investment Dar to present debt plan
Kuwait-based The Investment Dar has announced that it will present a restructuring plan to its banks and creditors later this month, Bloomberg has reported. Banks and investors 'will have a period to review and consider approving the proposed restructuring plan' following the meeting, the firm said. The first meeting will be held in Kuwait on November 24 and the second in Dubai on November 25. The Investment Dar had $3.6bn of debt outstanding at the end of September 2008, the last time it reported results.
Kuwait China posts 9-month profit
Kuwait China Investment Co. (KCIC) has recorded $41.96m in net profits for the first nine months of 2009, compared to a loss of $58.69m for the same period in 2008. The firm, which specializes in investments in Asia, has reported $50.26m in revenues for the period.
Kuwait's half-year budget surplus hits $17.5bn
Kuwait's finance ministry has reported a preliminary budget surplus of KD4.99bn ($17.5bn) in the first six months of the fiscal year through March 2010, thanks to larger than expected oil revenue, Bloomberg has reported. Government revenue fell 43% to KD8.22bn, while spending amounted to KD3.23bn, the ministry said. The government had forecast a budget deficit of KD4.8bn for the fiscal year, based on an oil price of $35 a barrel.
Kuwait to spend $140bn on development plan
Sheikh Ahmad al-Sabah, Kuwait's deputy prime minister for economic affairs, has said that the country plans to spend up to ($139.9bn) on its proposed five-year development plan, Reuters has reported. The plan aims to attract more investments into the country and boost the participation of the private sector in government projects. If implemented, the plan would be the government's first since 1986.
Kipco to launch pension wing
Kuwait's biggest privately owned investment firm, Kuwait Projects Co. (Kipco) has said that it plans to establish a company early next year to sell pension products as part of a business expansion in the Middle East and North Africa, Bloomberg has reported. 'This will be the first pension product promoted by a private company aimed at the mass market in Mena,' Kipco's Group Communications Director Robert Hipkins said.
Kuwait issues $279m in treasury bonds
Kuwait's central bank issued KD80m worth of one-year treasury bonds on Wednesday, with a coupon rate of 1.5%, Reuters has reported. Bids for the bonds amounted to KD453.5m, according to the central bank's data. The central bank's last issue was on September 16, for KD75m at the same coupon.
Kuwait to set $35 oil price for 10/11 budget
Mustapha al-Shamali, Kuwait's Finance Minister, has said that the country's 2010/2011 budget is expected to be based on a crude oil price of $35 a barrel, according to a report in daily newspaper Awan. 'Approving this price will not prevent the state from continuing to spend on developmental projects in the next budget,' al-Shamali added.
Kipco to extend maturity of $140m bonds
Kuwait's biggest investment firm by assets, Kuwait Projects Company (Kipco), has announced it will extend the maturity of KD40m ($139.5m) worth of bonds by one year until November 5, 2010, Reuters has reported. The bonds have a coupon rate of 5.57%.
KSE rises on industrial shares
The Kuwait Stock Exchange (KSE) up 0.40%, closing at 7,785.6. The rise was mostly fuelled by the industrial sector, which rose by 1.72%. Kuwait Syrian Holding Co was the biggest riser, going up by 10%. Gulf Finance House was the most actively traded stock, but ended the day down.
Investment Dar to reorganise its debt
Kuwait-based Investment Dar has appointed Mike Grant as Chief Restructuring Officer to help reorganise its debt after the company defaulted on borrowings, Bloomberg has reported. Grant, co-founder of Aaronite Partners, a London-based provider of corporate restructuring services, will work with management to help reach an agreement with creditors, Investment Dar said.
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