KUWAIT, 25 March 2007 — Global Investment House (Global) has sold its full stake in Kadhma Holding Company which amounted to 41 million shares representing 65.76 percent of the company’s capital.
Based on the process for deals exceeding 5 percent applicable in the Kuwait Stock Exchange, Global has requested earlier yesterday the stock market to stop the trading on Global stock until a final agreement takes part on the trade, which in return has been informed directly after the completion of the agreement.
Maha Khaled Al-Ghunaim, chairperson and managing director at Global Investment House, announced that the agreement has been set between Global and Al-Madeena Financing & Investment Company with Al-Madeena’s acquisition of Global’s full stake in Kadhma for 318 fils per share.
Al-Ghunaim also added that the primary total deal size has reached KD13.2 million and Global’s profit is KD8.5 million ($29 million) which will be part of the first quarter profits of the current year.
The law related to deals that exceed 5 percent require giving a chance for other investors to bid within a period not exceeding 5 days. Accordingly, if another investor has a better offer, then the deal’s amount and net profit to Global will increase.