Kuwait Investment Authority, the country’s sovereign wealth fund, decided against buying General Motors shares after the sale price was raised, according to a person familiar with the matter.
GM’s owners, including the US Treasury, sold shares at $33 each in an initial public offering on Nov 17. The automaker had filed with the Securities and Exchange Commission on Nov 3 to offer the shares for $26 to $29 each.
The company raised more than $20 billion in the IPO, which reduced the US government to a minority shareholder.
KIA’s Managing Director Bader al Saad said on Nov 6 that Kuwait would look into the IPO’s price range before deciding to buy shares in the automaker.
“If something is cheap, we are interested, of course,” al Saad said at the time.For all the latest business 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.
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