Wednesday, Dec 14, 2011
(This item was originally published Tuesday.)
BEIRUT (Zawya Dow Jones)--Kuwait's Industrial and Financial Investments Co., or IFIC, Tuesday said it is in talks with an investor who has offered to buy its stake in the local Kuwait Qatar Insurance Co., or KQIC.
The two sides are presently discussing the details over the potential deal, IFIC said in a statement posted on the Kuwait bourse website. IFIC didn't identify the potential buyer or provide any other details.
With a stake of 51% in KQIC, IFIC is the major shareholder in the insurance firm whose paid-up capital stood at 5 million Kuwaiti dinars ($18 million) at the end of 2010, according to Zawya.com data.
IFIC's shares closed down 12.2% at KWD0.036 Tuesday in an overall positive market.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
14-12-11 0350GMT
