By: Ahmed Awad
Kuwait – Mubasher: The Kuwait Investment Authority (KIA) is still interested in selling its 76.19% stake in Kuwait Investment Co., the company's chairman Waleed AlRomy said on Saturday.
KIA's sale of its majority stake is a matter of time, he told reporters at a company press conference.
KIA announced by the end of 2015 that it was postponing the sale of its shareholding in Kuwait Investment Co. till the first half of 2016 due to market circumstances.
On another note, CEO Badr Naser Al Subaie revealed that the company manages portfolios on behalf of government and financial institutions worth around KWD 2 billion ($6.6 billion).
Kuwait Investment is carrying forward with the restructure of loans given to clients, he said, noting that some debts have been renewed, while others have been settled.
The CEO highlighted that the company still intended to sell its subsidiary, the Kuwait International Fair Company (KIF).
However, he excluded plans to invest in local bonds issued by the government to finance the budget deficit, adding that investment in such financial instruments requires high levels of liquidity.
Translated by: Nada Adel Sobhi
