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04/08/2010 00:00 AST
Kuwait's International Investment Group (IIG), the investment house in the midst of a restructuring process, on Wednesday said its board is proposing not to pay out any dividend for 2009.
IIG is one of the Kuwaiti investment houses badly hit during the financial crisis and last month was unable to make a $152.5 million Islamic bond payment.
It has appointed KPMG to advise it on restructuring its business after it posted a 2009 net loss of KD36.5 million ($127.5 million) due to a slump in income from investments and fees and foreign exchange losses.
IIG said in a statement posted on the Bahraini stock exchange that it would ask shareholders during a meeting on September 2 to suspend its 2009 dividend.
It will seek approval to authorize a share-buyback program of 10 per cent of its paid-up capital.
Reuters
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International Investment Group's (IIG) chief executive officer (CEO) resigned just two months after being appointed to the position and has been replaced as acting CEO by board member Ghassan Al-Sul
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International Investment Group KSCC denied a newspaper report that the company made repayments of$15 million to an Emirati lender and $3 million to sukukholders.
IIG will inform the Kuwai
Bloomberg
26/07/2010
International Investment Group KSCC said it is unable to pay $152.5 million to sukukholders who demanded immediate repayment after the Kuwaiti finance company defaulted on its $200 million Islamic b
Bloomberg
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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