Kuwait's National Industries Group Holding (NIG) will repay its $475 million Islamic bond, or sukuk, when it matures on August 16, it said on Tuesday, dropping plans to get a four-year extension from creditors.

NIG, an investment firm controlled by one of the country's biggest merchant families, asked creditors in July to extend 70 percent of the sukuk maturity to 2016 in exchange for a much higher interest rate.

The request has been cancelled because NIG has raised enough finance to fully repay the sukuk, the firm said in a statement to the Dubai bourse,

The Kharafi family, which owns NIG, controls one of the biggest family conglomerates in Kuwait with interests in real estate, retail and financial services. It is thought to control, through various entities, around a quarter of telecom operator Zain. - Reuters