Kuwait-Mubasher: Privatization Holding’s stock rose 1.75% an hour before ending Monday’s trading session, hitting its highest level in seven months.

The stock’s price increased to KWD 58 at 12:30 pm Kuwait local time, after the company announced a capital reduction to KWD 61 million.

About 9.82 million shares were traded with a turnover amounting to nearly KWD 582,860.

Privatization earlier said that the reduction is estimated at 7.5% of the treasury shares which amount to KWD 5.51 million for one stage, and at 9.9% of the authorized capital for another.