Mubasher: Gulf Franchising Holding (GFC) on Thursday announced that its board member Abdullah Jassim Boodai has purchased around 30.5 million shares of the company’s capital through a subscription.
The process took place on Tuesday, 4 September with a total price of KWD 3.05 million, with 100 fils per share, according to the company’s statement to Boursa Kuwait.
Under the new structure, Boodai’s stake in the company reached 76.3% of the total equity, while Al Khair National for Stocks and Real Estate Company’s stake is 7.3% of the capital.
GFC’s capital amounts to KWD 4 million divided into 40 million shares.
It is worth noting that Boursa Kuwait on Wednesday, 5 September resumed trading on GFC’s shares after being suspended on 30 August on the back of not completing the company's capital restructuring.
By 11:15 am Kuwait time, GFC’s stock fell 41.18% at 40 fils.