Global Kuwait new CEO

[sharewadi]

Reuters 10 March 2009:

Global shares up after new CEO appointed Kuwait City: Kuwait’s Global Investment House (GLOBAL) (GIH) shares rose as much as 3.8 percent on Monday after the firm said it had appointed a new chief executive as part of its restructuring plan. Global’s stock ended 2.53 percent up, having fell 2.47 percent on Sunday, after the firm said its board of directors approved a new organisation structure, which includes appointing executive vice-president Bader al-Sumait as the CEO of Global Kuwait, the main headquarters of the firm. The chief executive of Global Kuwait is a new post. Under the plan, executive vice president Omar El-Quqa is now the advisor to the chairperson and managing director Maha al-Ghunaim. “The new structure supports the plan Global had presented to the banks as part of the company’s restructuring process,” Ghunaim said in a statement late on Sunday. Last week, Global, the country’s biggest investment bank, said it was confident of reaching a “long-term financing solution” in coming months after making significant progress with its creditors on restructuring and rescheduling its debt. In January Global said it defaulted on most of its loans, after it had appointed HSBC and Kuwait’s CBK Capital in December to hold talks with creditors to reschedule debt. Kuwait last month unveiled a 1.5 billion dinar ($5.08 billion) economic support package that includes state guarantees on fresh loans extended by banks to help struggling investment firms. The plan still requires parliamentary approval. Global shares lost more than 50 percent of its value this year.

_________________
UAE IPO list | posting guidelines