Mubasher: Sanad Holding clarified that it has not signed a final agreement with Kuwait Finance House (KFH) to purchase the bank’s 20% stake in Gulf Investment House (GIH).

Sanad has denied the news announced by Al Rai Newspaper on 27 May noting that KFH has reached a final agreement valued at KWD 14 million with Sanad over the bank’s stake in GIH, according to a bourse statement on Tuesday.

Sanad added that it has disclosed on 22 November a statement on signing a preliminary contract with KFH to buy its stake in GIH. It added that no developments have been made regarding this matter.

On Monday, KFH has disclosed a statement denying the news published in a local newspaper on Sunday regarding a final agreement with Sanad to sell KFH’s stake in GIH to Sanad.