Investment Dar may sell shares to Merrill

Kuwait's Investment Dar is considering selling new shares to Merrill Lynch as part of plans to increase its share capital by between 20 and 30%, Al-Qabas newspaper reported.

Investment Dar has been considering the idea since June, the newspaper reported on Sunday, without saying how it got the information.

The aim is to bring Merrill Lynch on board rather than use the funds to expand, the newspaper said.

Merrill Lynch advised Investment Dar on the sale of its stake in Al-Madar Finance and Investment to Kuwaiti investment firm Stehwaz Holding in June.

Separately, daily Al-Jarida said Investment Dar wants to buy an unidentified Saudi real estate firm for about 1.2 billion riyals ($320 million). The newspaper did not say how it got the information.

A spokesman for Investment Dar could not immediately comment.

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