Global Investment sells Nibras stake for $35mn

Kuwait's Global Investment House said it had sold its 88% stake in Nibras Holding Co. for a net profit of 9.6 million dinars ($34.99 million).

The investment bank sold 44 million shares at the price of 470 fils per share through an auction at the Kuwait Stock Exchange for a total of 20.7 million, it said in a statement received on Wednesday.

The net profit will be reflected in the company's fourth-quarter results, the statement said.

Global, which is also listed in Bahrain and Dubai and has branches and affiliates in five countries, bought its stake in Nibras in 2005 at the average cost of 252 fils per share.

As of September 30, the company had asset under management worth 2.35 billion dinars. (Reuters)