Kuwait's IFA Holdings to sell 17.4mln treasury shares

Company has been subject to $29mln bank seizure

  
Kuwaiti investors sit in the arena of the Kuwait Bourse (Stock Exchange) floor in Kuwait City, Kuwait, January 8,2020.

Kuwaiti investors sit in the arena of the Kuwait Bourse (Stock Exchange) floor in Kuwait City, Kuwait, January 8,2020.

REUTERS/Stephanie McGehee

Kuwait’s International Financial Advisors Holding Company (IFA) is set to put millions of treasury shares up for sale.

In a statement to the Dubai Financial Market (DFM), where the company’s shares trade, IFA received the approval to sell 17,452,667 shares on Monday.

Last week, IFA said it had been subject to a $29 million (KD 8.8 million) precautionary attachment seizure by a local bank due to a dispute between the two parties.

IFA clarified that the seizure was a precautionary attachment only, not an executive attachment.

“We point out that the company has succeeded during the last period in reaching a settlement and scheduling what represents 86 percent of its total debts related to bank loans.”

The company achieved a profit of $98.9 million (KD 30 million) from these settlements, the statement continued, except for a single bank debt which has not been reached or scheduled.

(Writing by Imogen Lillywhite; editing by Cleofe Maceda)

Imogen.Lillywhite@refinitiv.com

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