Bahrain's Mumtalakat loses $708mn - paper

Gulf country's sovereign wealth fund loses 31% in 4 companies, Alwasat daily says.
Bahrain's Mumtalakat loses $708mn - paper
By Jason Benham
Mon 19 Jan 2009 12:08 PM

Bahrain's sovereign wealth fund Mumtalakat lost around 267 million dinars ($708.4 million) on the country's stock exchange in 2008 due to lower valuations.

The government-run investment agency holds 929,610,050 shares in the exchange and its value fell to 589,611,184 dinars ($1564 million) at the end of 2008 from 857,148,048 dinars ($2273 million) at beginning of the year, daily newspaper Alwasat said.

Mumtalakat lost around 31 percent of its investments in four companies including National Bank of Bahrain and Bahrain Telecommunications Co (Batelco), it said.

Contacted by Reuters, Mumtalakat was not immediately able to comment.

Bahrain's stock market fell 34.5 percent in 2008 as bourses in the Gulf Arab region plunged to multi-year lows as a result of the global financial crisis. (Reuters)

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