Gulf Bank Shareholder Aims to Build $880 Million Stake in Lender - Bloomberg

Gulf Bank Shareholder Aims to Build $880 Million Stake in Lender - Bloomberg:

Gulf Bank’s second-biggest shareholder agreed to more than double its stake in the Kuwaiti lender as it seeks to build a holding valued at about $880 million.

Alghanim Trading Co. made arrangements with related parties to acquire a 9.2 percent stake off-market, taking its stake to 16.62 percent, according to a statement. The company, which operates in industries ranging from construction to energy, last week received central bank approval to boost its ownership in Gulf Bank to 33 percent.

Alghanim Trading, controlled by Omar Kutayba Ahmad Alghanim, said further purchases will be through Boursa Kuwait and depend on market conditions. Omar Kutayba Alghanim is the chairman of Gulf Bank.