Kuwait's Al Madina for Finance and Investment Co will appeal an arbitration ruling ordering it to pay Global Investment House $10 million related to a share dispute, the firm said on Sunday.

Last week, the arbitration centre at Kuwait's chamber of commerce ruled in favour of Global, the country's biggest investment bank, over the $10 million debt and ordered Al Madina to pay $300,000 in compensation.

Al Madina said it will take legal action and challenge the ruling in an appeals court, according to a statement on the bourse website. The dispute relates to a share repurchase agreement between the two firms.  

Al Madina's shares were up 1.54 percent on the Kuwait bourse on Sunday, recovering from a 15-week low hit last Wednesday. The stock was halted on Thursday, ahead of the arbitration ruling. - Reuters