Kuwait's Gulf Cable acquires 14.4% stake in Boursa Kuwait

The stake was bought at 400 fils per share

  
A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

REUTERS/Stephanie McGehee

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)

(gerard.aoun@refinitiv.com)

#KUWAIT #GULFCABLE #EQUITIES #ACQUISITION

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