|02 December, 2019

Al Ahli Bank of Kuwait sells KFIC stake for $3.61mln

ABK sold a total of 25.984mln Kuwait Finance and Investment shares

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

Getty Images/Graeme Robertson
Kuwait  - Al Ahli Bank of Kuwait (ABK) sold its stake in its stake in Kuwait Finance and Investment (KFIC) to stakeholder Falah Hamad Mohammed al Hajri, Boursa Kuwait said.

ABK sold a total of 25.984 million KFIC shares at 44 fils per share, a total value of around KWD 1.143 million, the bourse said in statement on its website.

This followed ABK’s announcement of the sale last week, having changed its business in KFIC to an exit from a long-term investment.

The Kuwaiti-listed lender said then that the sold stake accounted for 8.0475 of KFIC’s capital, which is estimated at KWD 32.249 million distributed over 322.49 million shares at a nominal value of 100 fils per share.

ABK and its subsidiary Watani Investment owned 17.7% stake in KIFC’s capital, the biggest, while al Hajri held 6.57%.

Translated by: Islam Hisham

Source: Mubasher

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