Kuwait’S KIPCO says not in talks to sell industrial stake
October 31, 2010 10:11 by Reuters
Kuwait Projects Co (KIPCO), the country’s biggest investment firm by assets, on Sunday denied a newspaper report that it was in talks with a European investor to sell its stake in a Kuwaiti industrial firm.
“The company’s negotiations of selling a stake in a listed industrial company through Kuwait National Industrial Projects Co. is false,” said KIPCO in a statement released to the bourse.
On Sunday, Al-Watan daily said that KIPCO is in talks to sell its 18.4 percent stake in an unidentified listed industrial company, citing sources familiar with the matter.
In September, KIPCO said it will sell a 39.2 percent stake in Gulf Insurance Co to Canada’s Fairfax Financial Holdings for $208.6 million.
KIPCO shares, which were halted earlier on the report, resumed trading and were down 1 percent at 0713 GMT on the Kuwait bourse.
(Reporting by Kuwait newsroom; Editing by Dinesh Nair)