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Kuwait: The Sovereign Investment Authority (KIA) announced a total profit of 46.7 million dinars ($ 158.7 million) in public funds from its investment in Gulf Bank from 2009 to 2019 following the withdrawal successful participation in the bank last week.
The Authority said Monday in a press release that she had helped to increase the bank's capital in 2009 from a national point of view in order to support the banking sector and the depositors of the bank after the crisis caused by the loss of the bank after the trading of derivatives.
In addition, thanks to this investment, the bank's customers were protected and fortified and the bank was restructured.After achieving its objectives, the Authority decided to withdraw from the bank by selling the 16.1 That she had bought last week after an investor had offered to buy back all of her stake.
"The main reason for the bank's contribution to the bank's capital raising in 2009 was not only an investment, but also support to the entire Kuwaiti banking sector and the protection of Gulf Bank's clients against impact of the bank's losses at the time, "the statement said.
"Today, after an investor has asked to buy the share of the Authority and the Commission has carried out the necessary studies and procedures, this output has been a profitable return on public funds" said Bastaki.
The Authority helped to increase the capital of the Gulf Bank in 2019 of about 120.9 million Kuwaiti dinars, accounting for 16.1% stake after the loss of the bank after the negotiation of. derivative instruments and the inability of its shareholders to meet the requirements of full capital increase.
From 2009 to 2019, TRA contributed to the restructuring of the Bank and restored it to profitability and received 14.7 million KD in cash dividends.
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