Mubasher: The Gulf Bank of Kuwait (GBK) said that Kuwait Investment Authority (KIA), a state-run sovereign investor, seeks to sell its stake in the bank.
KIA holds a direct stake of 16.081% in GBK, with around 490.157 million shares, according to a statement to Boursa Kuwait on Sunday.
The lender further noted that Kuwait’s sovereign wealth fund has hired an advisor to complete the sale transaction.
KIA owns a 20.21% stake in the bank’s capital by 28 January 2019, according to Boursa Kuwait’s website.
The bank’s chairman Omar Kutayba and his group Al Ghanim Trading hold a 16.67% shareholding of the bank’s capital, while Behbehani Investment Co owns a stake of around 5.5%.
GBK’s capital amounts to KWD 304.81 million, distributed over 3.048 billion shares, with a par value of 100 fils per share.
In the first quarter of 2019, GBK’s profits levelled up 9% to KWD 11.8 million.
