Family-owned conglomerate now controls over 9.5% of second largest Arab telecom firm.
Kuwait's Kharafi Group has bought more shares in Mobile Telecommunications (Zain), through one of its units, bourse data showed after trading ended on Tuesday.
Al-Khair National for Stocks and Real Estate, which belongs to the family-owned conglomerate, now holds 9.59% of Zain, the exchange said on its website. It held previously around 9.46% of Kuwait's biggest stock.
The stock of Zain has doubled in value this year, partly on speculation that a foreign investor was looking to buy into the company, the second largest Arab telecom firm by market value.
Kharafi Group is Zain's second largest shareholder through Al-Khair, according to the bourse website. The biggest shareholder is state-owned Kuwait Investment Authority (KIA), whose stake was unchanged at 24.608%.
The Kharafi Group said in June any sale of its stake in Zain would be made in concert with other shareholders.For all the latest tech 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.