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Fri 1 Jan 2016 12:30 PM

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Kuwait sovereign fund postpones sale of subsidiary via IPO

Kuwait Investment Authority is the region's oldest state fund with an estimated $500bn in assets

Kuwait sovereign fund postpones sale of subsidiary via IPO
(AFP/Getty Images)

Kuwait's sovereign wealth fund is delaying the sale of its holding in Kuwait Investment company (KIC) through an initial public offering due to market conditions, it said in a bourse statement.

The Kuwait Investment Authority (KIA), the region's oldest state fund with an estimated $500 billion in assets, owns 76 percent of KIC.

The KIA's divesture in KIC was first announced in late October 2014 and initially slated for the first half of this year, according to a report by Moody's Investors Service.

In a filing, the KIA said it planned to postpone its public share sale until the first half of 2016 "based on market conditions and ensuring the credibility of the sale."

Kuwait's stock market weighted index is down more than 13 percent in the last 12 months amid a raft of company delistings and limited liquidity.

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