Jul 17 2012
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Kuwait's Kamco Sells Its Stake in Advanced Tech for KWD7.84 Mln
Tuesday, Jul 17, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Kipco Asset Management Co. (KAMCO.KW), or Kamco, said Tuesday it has sold its entire 6.22% stake in the local Advanced Technology Co. (ATC.KW) for 7.84 million Kuwaiti dinars ($27.84 million).
Kamco, which is the investment arm of Kuwait's Kipco group, said it didn't book any profit on the divestment.
The company said in a statement posted on the Kuwait bourse website that it sold its 9.33 million shares in Advanced Technology for KWD0.84 each.
Advanced Technology , which is listed on the local bourse, is mainly involved in the distribution of medical, pharmaceutical, and veterinary products, according to Zawya.com data.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, email@example.com
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