Mubasher: Two consortiums have resumed talks with Boursa Kuwait over the latter’s privatisation scheme.
The first consortium is led by Al Kharafi Group via its 63%-owned subsidiary National Investment Co. and features First Investment Company (FIC), Arzan Financial Group for Financing and Investment, and the Athens Exchange. Meanwhile, the second consortium, led by Salem Al Ali Group, comprises the Commercial Bank of Kuwait and the Madrid stock exchange, known as Bolsa de Madrid.
The two consortiums are competing over 44% stake Boursa Kuwait in a privatisation bid, according to Al Arabiya news.
The Kuwaiti Capital Market Authority (CMA) previously informed the two consortiums that they were required to submit their bids by no later than Thursday, 31 January.
This is not the first time that Al Kharafi Group and Al Ali group have competed over a major firm in Kuwait. They previously went neck-and-neck for an investment in Kuwait’s telecom operator Zain.
The expected scenario, according to Al Arabiya, is that the two consortiums would be competing over a 44% stake in Boursa Kuwait, while the Kuwaiti government will hold the minimum stake of 6%, with the remaining 50% to be offered for subscription in an initial public offering (IPO) as per the privatisation laws.
It is worth noting that Al Kharafi Group’s investment arm is Al Khair National for Stocks and Real Estate Company, which owns the 63% stake in National Investment Co.
