Kuwait sovereign fund sells 16.1% stake in Gulf Bank - Reuters:
Kuwait Investment Authority (KIA) has sold a 16.1% stake in Gulf Bank to Alghanim Trading Co for 152.93 million dinars ($503 million), making the business conglomerate the biggest shareholder of the country’s fourth-biggest bank, according to a bourse filing.
The purchase will almost double the Kuwaiti group’s stake to about 33% from a previous level of 16.67%.
Alghanim, which has interests in manufacturing, automotive and food businesses, is controlled by Omar Kutayba Ahmad Alghanim, the chairman of Gulf Bank.
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