Investment firm Kuwait Projects Company (Kipco)  has delayed plans to sell global depositary receipts (GDR) abroad due to bad market conditions, its chief executive said in remarks published on Tuesday.

'The current market situation is not appropiate for such an issue. We're ready but we are just waiting for conditions to improve,' Faisal Al-Ayyar told Al-Qabas newspaper.

He told Reuters in June the company was considering selling GDRs worth up to $1 billion in Europe to fund expansion.-Reuters