Kuwait's IIG sukuk holders get report; steering committee possible

By Caroline Salls

Pittsburgh, Dec. 29 - IIG Funding Ltd. said trustee delegate Deutsche Trustee Co. Ltd. has made an updated KPMG report available to IIG trust certificateholders, including an asset disposal plan and receivables collection plan.

The updated report was made available for holders of IIG's $200 million of trust certificates (Sukuk al-Mudarabah) due 2012 that had already entered into confidentiality agreements.

Now that the report has been delivered, the company said it is imperative that it is able to establish effective communication channels with the certificateholders.

As a result, IIG has asked the certificateholders to consider establishing a steering committee of certificateholders.

As previously reported, the company said in November that a report prepared by KPMG Advisory WLL had been released to certificateholders who signed a confidentiality agreement, identifying the formulation of an asset disposal plan as one management initiative.

IIG asked KPMG to update the report because of a delay in its release.

Specifically, KPMG was instructed to update the company's financial information based on the most recently available numbers, update details on any significant movements in assets or debt, give details on changes of the constitution or capital structure of the group, review monthly cash flow statements for the period of January 2010 to October and review a six-month rolling cash flow forecast for November.

IIG is an Al Safaa, Kuwait, investment company.

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