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Jul 17 2012

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.

The divestment was carried out in two transactions, one in June, and the other in early July, according to the statement.

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.

Kamco's shares fell 4.4% to close at KWD0.216 in a lower market Tuesday.

-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

17-07-12 1229GMT


© Copyright Zawya. All Rights Reserved.


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