Alothman’s deal to raise trading on Human Soft by 25% - Sources

By: Ahmad Awad

Kuwait – Mubasher: Boursa Kuwait announced on Sunday its approval for completing five transactions on Human Soft’s shares, with an overall volume of 6.2 million shares with a total value of KWD 18.6 million or KWD 3 per share.

By the end of November, Alothman Commercial Enterprises Co said it has appointed NBK Capital as the financial consultant to sell its stake in Human Soft.

Sources told Mubasher that after sealing Alothman’s deal, the rate of free trading on Human Soft’s shares will be increased by 25%; 30.5 million shares above the current 12% trading level. 

The overall value of this deal will reach KWD 48 million, as purchasing transactions are being executed by investment funds from the UAE, Saudi Arabia, Europe, and the US, according to the sources that preferred to remain anonymous.

The sale transaction aims to recover the low liquidity and weak trading activity of the stock when compared to the financial statements and large dividends, which accounted for 160% of the nominal value during 2016, the sources noted.

On the stock level, Human Soft fell by 3.4% to KWD 2.88 by 10:47am Kuwait time on Sunday, after 39,000 shares were traded at a value of KWD 112,400.

 

MUBASHER Contribution Time: 22-Jan-2017 08:10 (GMT)
MUBASHER Last Update Time: 22-Jan-2017 08:10 (GMT)