Kuwait's Global Investment House  got shareholder approval to scrap its capital hike plan, saying regional conditions were not ripe to proceed.

Global's shareholders had approved a 76 percent capital hike worth 100 million dinars last May but the plan was not enacted. Under Kuwaiti law, that approval was slated to expire a year after it was granted on May 5.

The increase would have raised Global's capital to 231.24 million dinars through issuing shares at a nominal value of 100 fils per share.

Shareholders also voted to give the company a greenlight to write off 171.3 million dinars ($624.3 million) in losses.

Earlier this week, Global won a Dubai court ruling to get back $250 million from Abu Dhabi-listed National Bank of Umm Al Qaiwain in addition to $54.6 million in interest.

Maha al-Ghunaim, Global's managing director, said the interest will be added to the firm's revenues while the $250 million will be used to strengthen Global's financial position.-Reuters