National Industries Group Holding (NIG), Kuwait's biggest construction materials firm, said on Tuesday it wanted to cancel a planned $991 million rights issue.

The board recommended that shareholders approve cancelling a 25 per cent capital increase initially aimed at funding an expansion, the company said in a statement on the Kuwait bourse website.

In May, NIG's shareholders approved the 25 per cent increase via a rights offering of 294.34 million shares at 900 fils each to raise a total of KD264.9 million ($990.6 million).

NIG said last month it had extended the subscription period for a month after its stock fell below the issue price on the back of a bourse slide.-Reuters