July 24, 2019 / 11:48 AM / 2 months ago

Kuwait sovereign fund sells 16.1% stake in Gulf Bank

DUBAI, July 24 (Reuters) - Kuwait Investment Authority (KIA) has sold a 16.1% stake in Gulf Bank to Alghanim Trading Co for 152.93 million dinars ($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% from a previous level of 16.67%.

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% 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% stake in Kuwait Finance House and a 19.2% stake in Bank of Bahrain and Kuwait.

$1 = 0.3040 Kuwaiti dinars Reporting by Saeed Azhar, editing by Davide Barbuscia

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