Kuwait Investment Authority (KIA) has sold a 16.1 per cent stake in Gulf Bank to Alghanim Trading Group for KWD 152.93 million ($503 million), making the business conglomerate the biggest shareholder of the country’s fourth-biggest lender.
Boursa Kuwait stated that the Kuwaiti sovereign wealth fund sold its 490 million shares stake in Gulf Bank at an initial price of 312 fils per share.
The purchase will almost double Alghanim Group’s stake to about 33 per cent from a previous level of around 16.7 per cent.
Alghanim, which has interests in manufacturing, automotive and food businesses, is controlled by Omar Kutayba Ahmad Alghanim, the Chairman of Gulf Bank.
Source Islamic Business&Finance