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Global Investment House plans to delist
- Kuwait: Tuesday, November 20 - 2012 at 02:36
Kuwait's Global Investment House has announced it will ask shareholders on December 2 to approve delisting its shares from the bourse after failing to secure a regulatory waiver needed to implement its restructuring plan, Reuters has reported. The firm's shares have not traded in Kuwait since last December, when the bourse suspended the stock after Global accumulated losses exceeding 75% of its capital. Global, whose major shareholders include the governments of Kuwait and Dubai, is undergoing a second restructuring in three years after the company asked creditors in September 2011 to suspend payments under a $1.7bn debt plan agreed in 2009.
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