IIG’s and its associated businesses continue to trade on a normal basis notwithstanding restructuring process and nonpayment notice
IIG Investment Group K.S.C.C ("IIG") has notified IIG Funding Limited ("Trustee") that it will not be in a position to settle an exercise notice in the sum of US$152,467,782.22 comprising US$147,490,000 being the aggregate face amount of the Certificates to be redeemed by 12 July 2010 and US$4,977,782.22 being the aggregate of unpaid Periodic Distribution Amounts. The Purchase Undertaking relates to US$200,000,000 Trust Certificates (Sukuk Al Mudaraba) due 2012 ("Trust Certificates").
Notwithstanding this announcement IIG wishes to confirm that it and its businesses are continuing to trade normally.
As stated in previous press announcements, IIG has appointed KPMG Advisory W.L.L Kuwait ("KPMG") to carry out an independent business review exercise for IIG. The publication of the intended interim KPMG report was delayed pending the Central Bank of Kuwait approving IIG's financial statements as at 31 December 2009. KPMG have pending the receipt of such approval had the opportunity to prepare a final report.
IIG is pleased to report that it has, on 14 July 2010, Received the CBK approval of IIG's financial statements thereby enabling KMPG to produce a final report which will include an assessment of IIG's present financial position. IIG will then be able to assess its position and its restructuring options with assistance from its professional advisors, KPMG and NEN Al Wagayan Al Awadhi Al Saif working with international law firm DLA Piper.
Public Relations and Marketing Department
International Investment Group K.S.C.C.
Tel: (965) 2242 9010
Fax: (965) 2242 9020
P.O.Box: 29448 Safat, 13155
State of Kuwait
Date: July 26 2010