Kuwait-Mubasher: Shares of companies in which Al Kharafi Group owns stakes witnessed strong trading activity as Thursday’s trading session opened, following a recent announcement that a consortium including a subsidiary and led by Mohammad Al Abbar is bidding for Kuwait Food – Americana.
Zain stock rose by 5.71% to reach 370 fils, while National Investments soared 7.25% to settle at 74 fils.
Gulf Cable and Electrical Industries increased by 7.46% to approach 360 fils.
Coast Investment and Development leaped 9.62% to settle at 28.5 fils.
Al Kharafi stocks have largely contributed to the Kuwait Stock Exchange’s early rise, as the price index grew 1.31% or 67 points to reach 5,185 points.
Al Kharafi’s subsidiary Al Khair National for Stocks and Real Estate Company announced the preliminary conditional agreement to sell its stake in Americana to Adeptio, an investment company which represents GCC investors led by Mohammad Ali Rashed Al Abbar who is the chairman of Emaar Properties.
