Kuwait's Dar says still in talks on debt scheduling

MONEY MATTERS: Investment Dar owns half of British luxury carmaker Aston Martin. (Getty Images)

Kuwait's Investment Dar denied on Monday a newspaper report that it will conclude its debt rescheduling plans this week, saying it would present a plan to shareholders in March.

Shares of the Islamic investment firm had been halted in early trading after the report in daily newspaper Al Anbaa on Sunday, which cited sources at Investment Dar as saying that company had held talks with its financial adviser Credit Suisse and will finalise its debt plans this week.

Dar, which owns half of British luxury carmaker Aston Martin, said in a statement on the bourse website it has not yet finalised its financial restructuring plan, and would present the plan to its shareholders and creditors next month.

Shares of Dar resumed trading after the statement.

Investment Dar, which is also a shareholder in Boubyan Bank, said last week it would meet with investors and banks on March 16 to discuss its debt obligations and investments.

Dar's shares have tumbled more than 30 percent this year but have rallied more than 50 percent since the start of this month, according to Reuters data.

The company, which said in December it was seeking to borrow up to one billion dollars to refinance debts, last month appointed Credit Suisse as its financial adviser. (Reuters)

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