Kuwait's Al Khair Global sells 5% of Gulf Cable’s capital
The sold stake amounts to around 10mln shares
A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.
Getty Images/Graeme Robertson
By Staff Writer, Mubasher
Kuwait - Al Khair Global for Buying and Selling Shares on Wednesday accepted the offer submitted by Mirage Holding Limited Company for the purchase of around 10 million shares of Gulf Cable and Electrical Industries, equivalent to 5% of the paid-up and authorised capital.
The total amount of the deal stands at 560 fils per share, according to a stock exchange statement.
The selling process will be conducted via a special trade execution as per the working rules and systems of Boursa Kuwait Securities Company and the Capital Markets Authority (CMA).
During fiscal year (FY) 2019, Gulf Cable recorded net profits of KWD 4.23 million, 49.7% less than the KWD 8.42 million of 2018.
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