Mubasher: Gulf Cable and Electrical Industries on Wednesday said that a member of its board of directors has purchased around 25.348 million of its shares during the preceding session.
Gulf Cable’s board member Juhail Mohammad Abdul-Rahman Al-Juhail paid 550 fils per share at a value of around KWD 30.44 million ($100.405 million), the company said in a bourse statement.
Gulf Holding Company said last week that it agreed to sell its full stake in Gulf Cable to Ejabi Holding.
Al Khair National for Stocks and Real Estate Company accepted an offer from Al Khair Global for Buying and Selling Shares to sell a part of its stake in Gulf Cable.
Al Khair National will sell 58.028 million of its shares in Gulf Cable, 27.64%, at 550 fils per share.
It is worth noting that Gulf Cable posted a profit of KWD 4.39 million in the first nine months of 2019, a drop of 83.8% from KWD 7.41 million in the year-ago period.
