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Gulf Bank sells stake in KFIC

Gulf Bank sells stake in KFIC
The sale transaction is valued at KWD 1.1 million
GBK
GBK
2.04% 250.00 5.00
KFIC
KFIC
1.01% 99.90 1.00

Mubasher: Boursa Kuwait on Monday announced that Gulf Bank has sold its 22.05 million-share stake in Kuwait Finance and Investment’s (KFIC) capital to Abdullah Al Hamad Al Saqr and Brothers Co.

The sale process was carried out via an agreed transaction at a total value of KWD 1.1 million or KWD 0.05 per share, according to a bourse statement.

Following the transaction, Al Saqr and Brothers’ ownership in KFIC will increase to 14.05% from 7.21%.

Prior to the sale deal, Gulf Bank owned a 6.84% stake in KFIC’s capital.

Last year, KFIC’s earnings amounted to KWD 687,840, up by 383.2% from around KWD 142,340 in 2018.