Kuwait hired HSBC Holdings Plc (HSBA) to help the privatization of the country’s stock exchange, the third-biggest bourse by market capitalization in the Persian Gulf.
HSBC Bank Middle East Ltd. signed an agreement with the Capital Markets Authority that will lead “to the privatization of the Kuwait Stock Exchange (KWSEIDX) and the establishment of a new company that will own and operate the stock market,” according to a statement distributed in Kuwait City today.
The government plans to sell 50 percent of the exchange to listed companies and the remainder to Kuwaitis in an initial public offering. Currently, Dubai’s stock exchange is the only publicly traded Gulf Arab stock market. Kuwait’s benchmark index declined 16 percent last year and was trading 0.1 percent higher at 5,802 at 10:56 a.m. in Kuwait City today.
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