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Gulf Investment House (GIH) has sold over 19 million shares of one of its associated companies, according to a bourse filing on Tuesday.
The shares, representing 6.21% of the company’s capital, were sold for around 2.6 million Kuwaiti dinar ($8.5 million) through negotiated trades executed on the Kuwait Stock Exchange, the investment firm said in a disclosure on Abu Dhabi Securities Exchange (ADX).
With the transaction, a profit of KD 411,998 will be recognised in the financial statements for the third quarter of the year, GIH said.
In July, the company obtained an approval from the Capital Market Authority (CMA) for the purchase or sale of up to 10% of its shares over a six-month period starting from July 11, 2024.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
