December 2, 2019 / 2:41 PM / 10 days ago

UPDATE 1-Kuwait bourse share sale oversubscribed by more than 8.5 times

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KUWAIT, Dec 2 (Reuters) - The Kuwait Capital Market Authority (CMA) said on Monday the sale of its stake in the local bourse to Kuwaiti citizens was more than 8.5 times oversubscribed, in the last stage of the company’s privatisation process.

“The CMA has now completed the privatisation of Boursa Kuwait,” it said. “The 50% public offering was preceded by the successful sale of 44% of the company to strategic investors in February 2019.”

The remaining 6% is owned by Kuwait’s Public Institution for Social Security, it said.

Oil-rich Kuwait wants to strengthen its position as a regional financial centre and give the private sector a stronger role in the economy.

The stake sale comes ahead of the potential inclusion in 2020 of Kuwaiti equities into the MSCI main emerging markets index, a move that could trigger billions of dollars of inflows from passive funds.

Reporting by Ahmed Hagagy; Writing by Maher Chmaytelli and Davide Barbuscia; Editing by Alison Williams and Jane Merriman

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