Kuwait's Global Investment House said on Sunday it was planning talks next month on a possible delisting from Kuwait Stock Exchange in a bid to complete its $1.7bn debt restructuring proposal.
Global, which is undergoing its second debt restructuring in three years after being buffered by the global financial crisis, said it will hold an extraordinary general meeting on Sunday December 2 to discuss the move "if the continuity of listing represents an obstacle to the rescue plan.
The company said in a statement: "Global has saved no efforts to implement the proposed restructuring plan while retaining its listing on KSE.
"However since it is unable to obtain an exemption from the Capital Markets Authority to rules of the mandatory offer, it is inevitable for the company to take measures such as the delisting from KSE in order to preserve the public interest of the company and safeguard the rights of its existing shareholders."
Earlier this month, it was reported that three of its creditors had failed to back the $1.7bn debt restructuring plan and that it was looking at legal options to secure a deal.
Global shareholders approved in September a plan to create new special purpose vehicles that will carry the company's debt.
Like a number of Kuwaiti investment firms, Global's business and its investment portfolio were hit hard by the financial crisis, with real estate and stock valuations plummeting and investor confidence drained as a result.
It initially agreed a $1.7bn restructuring in 2009 but, in September 2011, asked bank creditors to suspend payments under the plan to allow talks for a further reorganisation.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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