Global Investment House , the Kuwaiti firm which completed a second debt restructuring last year, swung to a first-quarter net profit as fees from its asset management, investment banking and brokerage businesses grew.
Global Investment House is set to hire Michael Helou, a former senior banker at Barclays , as its investment banking head, four banking sources said, as the Kuwaiti firm seeks to revive growth after a debt restructuring deal.
Kuwait's Global Investment House said on Wednesday that it had completed a $1.7 billion restructuring plan, the second at the firm since the global financial crisis.
Under the plan, Global separated its core fee business from
Kuwait's Global Investment House, which has agreed with creditors to restructure $1.7 billion of debt, posted a net loss of KD55 million ($192.8 million) in 2012 compared to a loss of KD57.5 million the year before.
One of the
Shareholders in Kuwait's Global Investment House have approved the delisting of the stock from the Kuwait bourse, nearly a year after firm's shares were suspended from trading.
"(The general assembly) agreed to author
Kuwait's Global Investment House has received the backing of "an overwhelming majority" of creditors for its debt restructuring plan, the company said in a statement on Monday.
The restructuring, its second in three
Kuwait's Global Investment House said on Sunday that it had secured the approval of creditors to restructure two bonds worth KD95 million ($337 million) as part of the company's second debt overhaul in three years.
Kuwait's Global Investment House said on Tuesday that three of its creditors had failed to back a $1.7 billion debt restructuring plan and that it was looking at legal options to secure a deal.
Undergoing its second debt restr
Shareholders in Kuwait's Global Investment House on Sunday approved a final plan for the company's $1.7 billion debt restructuring that will create new special purpose vehicles (SPVs) to take on its debts.
The Kuwaiti investment
Batelco, the leading telecom service provider in Bahrain, could continue to face stiff competition, resulting in a decline in its domestic revenue, Global Investment House said, downgrading the stock to 'buy' from 'strong buy'.