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Kuwait’s Investment Dar names Al-Humaidhi as new CEO
Following restructure plans and under the Financial Stability Law, Investment Dar requires the roles of chair and chief exec to be separate - reuters
June 20, 2011 2:02 by p.deleon
Investment Dar , the Kuwaiti firm restructuring $3.6 billion in debt, named its Vice President Abdullah al-Humaidhi as its new chief executive, it said in a statement on Monday.
The appointment follows a court ruling that approved the company’s restructuring plan by admitting it under the Financial Stability Law in early June, a verdict which requires the roles of the chairman and chief executive to be separated.
In published remarks, unnamed sources told Arabic daily al-Seyassah that al-Humaidhi will study during this week offers to sell “some of the company’s assets which include its stake in Bahrain Islamic Bank and its World Islands project.”
The Kuwaiti firm, which owns half of luxury carmaker Aston Martin, said it is in the process of forming a new coordinating committee that include banks and investors.
Last week, Dar said it will pay about 82 million dinars ($298.5 million) to individuals and small non-financial institutions in the first year of its debt restructuring plan which will start on June 30.
“We are now in a position to begin the implementation of a restructuring plan under which all Dar’s banks and investors will receive full repayment and which provides the most best possible outcome for all of Dar’s stakeholders,” said Chairman Adnan al-Musallam in the statement.
During the plan’s duration, Dar will remain subject to various commercial restrictions given by the court which include a freeze on dividends to shareholders on new investments and on taking new indebtedness. (Reporting by Angie Galal; Editing by Dinesh Nair)