We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sun 26 Jun 2011 05:05 PM

Font Size

- Aa +

Kuwait's KFH, GIH in $180m debt revamp

Kuwait Finance House says signed deal to restructure $180m in debt owed to GIH

Kuwait's KFH, GIH in $180m debt revamp
Qatari investor stock exchange

Kuwait Finance House,
the country's biggest Islamic lender, said on Sunday it signed a deal with Gulf
Investment House to restructure the KD49.5m ($180m) it owes in debts.

The agreement
"includes converting the current debts from short term to medium term for
a period of five years... The agreement was signed in collaboration with
Boubyan Bank and Burgan Bank ," KFH said in a statement.

KFH, which owns a 30
percent stake in GIH, said it "is confident GIH will be able to continue
to operate in line with its vision over the upcoming period as a result of the
debt re-structuring."

The agreement comes
under the financial stability law, it added.

Problems at Kuwaiti
investment firms, led the government of the world's fourth-largest oil exporter
to approve a "Financial Stability Law" rescue package worth $5.2bn in
2009.

Arabian Business: why we're going behind a paywall

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.