Kuwait Stock Exchange is seeking to slow government plans to sell the country’s bourse on concern it remains too weak three years after the credit crisis triggered a $5 billion bailout of financial companies.
“I’m against the way it is to be privatized,” Hamed al- Saif, the director and head of the exchange, said a phone interview from his office in Kuwait City today. “It’s too fast and the stock exchange will be very weak, it should be gradual.”
The government must sell 50 percent of the exchange by the end of this year under the terms of a law approved in February 2010. The remainder is to be sold to Kuwaitis in an initial public offering, al-Saif said.
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