Thursday, Jul 08, 2010
BEIRUT (Zawya Dow Jones)--Kuwait's Al Mal Investment Co. plans to sell a 46.52% stake it owns in the local firm Safwan Trading and Contracting Co. in a public auction July 15, the Kuwait Stock Exchange said Thursday.
Al Mal will offer 23.26 million Safwan shares at the initial price of 0.28 Kuwaiti dinar (96.7 cents) each or a total of KWD6.51 million as agreed upon between Al Mal and two local companies that had offered to buy the stake, the bourse said in a statement posted on its website.
Since this stake represents more than 5% of Safwan's capital a public auction should be launched to allow other potential buyers to bid for the stake as required by the bourse's regulations.
Safwan is mainly engaged in the trading of pharmaceuticals, and medical and hospital equipment. Its total assets stood at KWD20.67 million at the end of March, according to Zawya.com data.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2010 Dow Jones & Co.
(END) Dow Jones Newswires
08-07-10 1115GMT
