Kuwait’s GIH sells more than 19m shares of its associated company

KUWAIT CITY: Gulf Investment House (GIH) has executed the sale of more than 19 million shares, amounting to 6.21 per cent of an associated company’s capital.

The transaction, disclosed through bourse filings on Tuesday, exemplifies GIH’s ongoing strategy within the dynamic landscape of the Kuwait Stock Exchange.

The shares were transacted for approximately 2.6 million Kuwaiti dinars, equivalent to $8.5 million, marking a significant financial activity in the region. The negotiated trades underscore the robust nature of the market and GIH’s active engagement within it.

Notably, this sale is projected to generate a profit of KD 411,998, which will positively reflect in GIH’s financial statements for the third quarter of the current fiscal year.

Moreover, this transaction follows GIH’s recent acquisition of approval from the Capital Market Authority (CMA) for the strategic operation of purchasing or selling up to 10 per cent of its shares over a six-month timeframe, commencing from July 11, 2024.

The regulatory endorsement not only enhances GIH’s operational flexibility but also aligns with its broader investment strategy and risk management objectives.