Mubasher: Boursa Kuwait on Monday announced that Gulf Bank has sold its 22.05 million-share stake in Kuwait Finance and Investment’s (KFIC) capital to Abdullah Al Hamad Al Saqr and Brothers Co.
The sale process was carried out via an agreed transaction at a total value of KWD 1.1 million or KWD 0.05 per share, according to a bourse statement.
Following the transaction, Al Saqr and Brothers’ ownership in KFIC will increase to 14.05% from 7.21%.
Prior to the sale deal, Gulf Bank owned a 6.84% stake in KFIC’s capital.
Last year, KFIC’s earnings amounted to KWD 687,840, up by 383.2% from around KWD 142,340 in 2018.
