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DUBAI, July 24, (RTRS): Kuwait Investment Authority (KIA) has sold a 16.1 percent stake in Gulf Bank to Alghanim Trading Co for KD 152.93 million ($503 million), making the business conglomerate the biggest shareholder of the country’s fourth-biggest bank, according to a bourse filing.
The purchase will almost double the Kuwaiti group’s stake to about 33 percent from a previous level of 16.67 percent. Alghanim, which has interests in manufacturing, automotive and food businesses, is controlled by Omar Kutayba Ahmad Alghanim, the chairman of Gulf Bank.
According to Refinitiv Eikon data, KIA owned 20.21 percent of Gulf Bank before the stake sale, which took place through an auction on Wednesday. KIA still owns stakes in other banks, including a 24 percent stake in Kuwait Finance House and a 19.2 percent stake in Bank of Bahrain and Kuwait.