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Arab Network
The Kuwait Stock Exchange (KSE) has announced that no other party has participated in the auction that will take place Wednesday at 1 pm to sell 16,081% of Gulf Bank shares.
The sale of a 16% stake in Gulf Bank to Al-Ghanim Trading Company has been overshadowed by the inability of any other buyer to compete for the portion sold by the Kuwait Investment Authority.
The price of the operation was 312 children per share, for a total value of 152 million dinars, or a little more than half a billion dollars.
Al Ghanim Trading Company becomes the largest shareholder of Gulf Bank with a 33% stake, while KIA holds 4%.
Gulf Bank's profit fell 23.8 percent in the second quarter to 12.2 million dinars, compared with a profit of 16 million dinars for the same period in 2018.
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