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Wed, 10 Feb 2010 | 05:24 GMT
Wed, Feb 10, 2010, 05:24 GMT
 

SGC calls for transparency, equal bidding opportunities

KUNA (Kuwait News Agency)
 
 
12 October 2009
KUWAIT -- Kuwait Investment AuthorityKuwait Investment AuthorityLoading... must sustain transparency and present equal bidding opportunities should it decide to sell its stake in ZainZainLoading..., 24.5 percent of all shares, Securities Group CompanySecurities Group CompanyLoading... (SGCSGCLoading...) said Monday.

"We would not take this step - bid for ZainZainLoading... - unless we have the resources needed to seal the deal," Chairman of SGCSGCLoading... Ali Al-Mousa said in an interview with (CNBC) Arabic as he recalled an announcement by the group stating desire to buy the shares, should they be put up for sale.

The company is considering presenting an offer to buy part or all the government's stake in ZainZainLoading..., he said, adding that the company has not "announced any price" for the bid.

As for mega deals such as that of selling KIAKIALoading...'s shares in Boubyan Bank, Al-Mousa said that the group is looking for profit and it is "trying to seize suitable financing opportunities." When asked about rumors of selling a large share of ZainZainLoading... to foreign investors, Al-Mousa said that such a scenario is to have a positive effect on the market "because we are talking about a large figure that exceeds USD 14 billion."

© KUNA (Kuwait News Agency) 2009

 
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