Kuwait’s Gulf Cable & Electrical Industries has bought a 14.407 percent stake in Boursa Kuwait.
The stake represents 28,925,610 shares bought at a price of 400 fils per share or 11.57 million Kuwait dinars ($37.56 million).
The company had reported a net profit attributable to owners of the parent company of 4.2 million Kuwaiti dinars for the year 2019, compared to a net profit of 8.42 million Kuwaiti dinars for the year 2018.
Gulf Cable & Electrical Industries is a Kuwait-based company that manufactures and exports power cables, control cables, telecommunication cables and overhead conductors.
(Reporting by Gerard Aoun; editing by Seban Scaria)
#KUWAIT #GULFCABLE #EQUITIES #ACQUISITION
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020