Last week, Alghanim Trading Company received central bank approval to boost its ownership in Gulf Bank to 33 per cent.
Sunday 03, February 2019
(Bloomberg) --Gulf Bank’s second-biggest shareholder agreed to more than double its stake in the Kuwaiti lender as it seeks to build a holding valued at about $880 million.
Alghanim Trading Company made arrangements with related parties to acquire a 9.2 per cent stake off-market, taking its stake to 16.62 per cent, according to a statement.
Alghanim Trading, controlled by Omar Kutayba Ahmad Alghanim, said further purchases will be through Boursa Kuwait and depend on market conditions. Omar Kutayba Alghanim is the chairman of Gulf Bank.
The Alghanim family holds about 20 per cent of Gulf Bank through Alghanim Industries, Alghanim Trading and Bassam Yusuf Alghanim.
In August, Central Bank of Kuwait approved the transfer of up to 160 million Gulf Bank shares from Kutayba Yusuf Alghanim, Alghanim Industries as well as Alghanim Commercial and Yusuf Alghanim to Bassam Yusuf Alghanim.
The approval was under the condition that he sells shareholding in excess of five per cent within two years.