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Kuwait halts Global Investment trading on accumulated losses

The Kuwait bourse halted trading in Global Investment House's shares on Monday, saying its accumulated losses to the end of September had exceeded 75 percent of its capital, contravening market rules.

December 5, 2011 11:01 by

Global, battling tough market conditions, said in September that it was asking lenders for a delay to principal repayments on debt due in December to allow for a renegotiation of the $1.7 billion debt restructuring plan it agreed in 2009. .

The investment firm has also sought a delay on a 45 million dinar bond to June 2012 from April 2012, to help finalize the wider restructuring. Bondholders were slated to decide on the request on Monday.

A Global spokesman was not immediately available for comment.

Global had 1.312 billion issued shares at the end of September. Its free float is 1.012 billion shares, according to Reuters data. The shares have a nominal value of 0.1 dinars meaning its paid up capital is worth 131.2 million dinars ($474 million.)

The company reported a net loss of 54 million dinars for the nine months to Sep. 30. (Reporting By Mirna Sleiman; Editing by Amran Abocar)

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