Kuwait's Al-Mal Investment gets bond extension

31/03/2010 00:00 AST

Debtors of Kuwait's Al-Mal Investment Co. have agreed to defer repayment of 20 million dinars ($69.35 million) in bonds for a year, the company said on Tuesday.

The investment management firm, controlled by family-owned conglomerate Kharafi Group, said in a statement to the bourse that its bond holders had approved a one-year extension of payment till April 5, 2011.

The statement did not provide any further details and company officials could not be immediately reached for comment.

Naser Al-Nafisi, general manager of Al-Joman Center for Economic Consultancy in Kuwait, told Reuters the extension was "a good step to save it from trouble."

"The company has a liquidity problem, a serious problem," he said, adding that most of Kuwait's investment firms suffer in one way or another from the aftermath of the global financial crisis.

Kharafi partly owns Kuwaiti telecom Zain which is expected to sign on Tuesday a $9 billion deal to sell most of its African assets to India's Bharti Airtel. Zain said it will use $4 billion to pay debts.


Reuters

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