Kuwait Projects Company is in talks with international banks to sell global depositary receipts (GDRs) worth up to 15 per cent of its share capital, a newspaper said on Sunday.

Kuwaiti daily al-Qabas said in an unsourced report that Kipco is co-ordinating with banks to evaluate listing options on one or more international foreign exchanges to sell the equivalent of 10 to 15 per cent of its share capital.

The GDRs are expected to be offered before the end of the year, said the paper, adding that London Stock Exchange is one of the options for the listing.

The investment firm is currently seeking a third credit rating to help its share sale and expects to receive it within a month, said Qabas.

Kipco spokesman Rob Hipkins said chief executive Faisal Al Ayyar had told an investor conference in end-March that the firm was considering launching a programme for GDRs or American Depositary Receipts (ADR) without providing details.

'The details are speculation,' he said of the newspaper report.-Reuters