Shareholders of Kuwait's Global Investment House will vote on a 76 percent capital hike worth around $348.2 million on May 5, the firm said in a statement.
Global, one of the Gulf Arab state's biggest investment firms, plans to raise its capital to KD231.24 million ($805 million) through issuing shares at a nominal value of 100 fils per share, it said in a statement on its website. The firm seeks to increase its capital by KD100 million, it said.
There are 1,000 fils to the dinar.
The vote will take place at a shareholders meeting on May 5, it said.
In December, the firm reached a deal with creditors to reschedule $1.7 billion in debt, and entered into new three-year facilities with each of its 53 lending banks.
Global said it will also seek investor approval on cancelling a capital hike it called for in June 2009. The firm had planned to more than double its capital at the time to almost $1 billion.
The troubles of Global and other investment firms, including major Islamic firm Investment Dar, led the government of the world's fourth-largest oil exporter to approve a rescue package worth KD1.5 billion last year. (Reuters)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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