Finance minister says Kuwait interested in taking $800m stake in lender.
Kuwait's finance minister on Tuesday confirmed that its sovereign wealth fund was interested in taking a $800 million stake in the initial public offering of China's Agricultural Bank.
On Monday, sources told Reuters that the Kuwait Investment Authority (KIA), the country's sovereign wealth fund, was involved in a deal to invest $800 million in the bank's IPO, which is likely to raise $23 billion.
Asked to confirm the report, the finance minister, Mustapha al-Shamali, told reporters at Kuwait's parliament: "Yes, it's a long-term investment."
The sources, who are directly involved with the deal, also confirmed on Monday that the Qatar Investment Authority agreed to invest $2.8 billion in AgBank.
Excluding over-allotment shares, the bank that Mao Zedong founded in 1951 as the rural unit of the central bank hopes to raise around $12 billion through an offering in Hong Kong and around $11 billion through a listing in Shanghai. (Reuters)For all the latest Kuwait news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.