Kuwait's International Investment Group (IIG), the investment house in the midst of a restructuring process, on Wednesday said its board is proposing not to pay out any dividend for 2009.

IIG is one of the Kuwaiti investment houses badly hit during the financial crisis and last month was unable to make a $152.5 million Islamic bond payment.

It has appointed KPMG to advise it on restructuring its business after it posted a 2009 net loss of KD36.5 million ($127.5 million) due to a slump in income from investments and fees and foreign exchange losses.

IIG said in a statement posted on the Bahraini stock exchange that it would ask shareholders during a meeting on September 2 to suspend its 2009 dividend.

It will seek approval to authorize a share-buyback program of 10 per cent of its paid-up capital. – Reuters