Wednesday, Aug 22, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Gulf Investment House (GIH.KW), or GIH, Wednesday said it has signed an agreement to sell its entire stake in local firm Sama Educational Co. for 7.6 million Kuwaiti dinars ($26.9 million).
GIH said in a statement posted on the Kuwait bourse website that it expects to book a profit of KWD2.6 million on the sale if the deal is concluded. It added the profit would be included in its third-quarter results.
GIH, which focuses on Islamic financial and investments, didn't disclose how much it owns of Sama Educational Co., but according to Zawya.com data it has a 20% stake.
GIH shares surged 10% to close at 26.5 Kuwaiti fils in a broadly higher overall market.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
22-08-12 1105GMT
