Kuwait Investment Dar delays results over crisis
Kuwait, April 4, 2009
Kuwait's Investment Dar said on Saturday it had delayed the release of its 2008 earnings because the financial crisis had hit its subsidiaries forcing it to take extra care in valuing their assets.
'Market conditions in the last quarter of 2008 had a significant effect on the financial positions of many companies in comparison with the preceding nine months of the year,' it said.
'An increased level of care and time is being taken to value assets to ensure that their realistic market values are reflected.'
Investment Dar was among 36 Kuwait firms that had their shares suspended on the bourse this month after failing to publish their earnings in time.
The Arab world's second-largest bourse did not say when it would resume trade in the companies.
The Islamic investment firm, which owns a stake in British carmaker Aston Martin, said last month it might sell some assets to meet its obligations as its seeks to restructure its debt.
It said in December it was seeking to borrow up to $1 billion to refinance debts. It appointed Credit Suisse as its financial adviser in January.
Kuwait's cabinet last month approved a $5 billion economic support package that includes states guarantees on fresh loans extended by banks to help struggling investment firms.-Reuters