Mubasher: Al Khair National for Stocks and Real Estate Company has accepted an offer from Al Khair Global for Buying and Selling Shares to buy a part of its stake in Gulf Cable and Electrical Industries.
Al Khair National will sell 58.028 million of its shares in Gulf Cable which accounts for 27.64% of the company’s capital, according to a bourse statement released on Wednesday.
The purchase price mentioned in Al Khair Global’s offer amounts to 550 fils per share.
Al Khair National holds a 36.725% stake, or 77.098 million shares, in Gulf Cable. Gulf Cable’s capital amount to KWD 20.993 million divided into around 209.93 million shares.
It is worth noting that Gulf Cable reported KWD 4.39 million profit during the first nine months of 2019, down 83.8% from the year-ago period.