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Mon 8 Oct 2007 02:10 PM

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Zumorroda continues to build Housing Finance stake

Kuwaiti investment firm increases stake in local mortgage lender to 16.145%, bourse says.

Kuwaiti investment firm Zumorroda Investment Holding increased its stake in local mortgage firm Housing Finance to 16.145% from 15.025%, the Kuwaiti bourse said on its website on Sunday.

The Kuwaiti bourse also disclosed on its website that a construction firm bought a 12.9% stake in Housing Finance, whose stock has recently seen a sharp rise in trading volumes on the back of reports of investor interest.

Kuwaiti lender Commercial Bank of Kuwait (CBK) is no longer listed as a shareholder owning 5% or more, the website said. A CBK official told Reuters last month that the bank had sold the shares.

National Industries Company for Building Materials and Wafra investment fund are also no longer listed as stakeholders owning 5% or more in the company, according to the site. Both had held previously 10% and 5.5% respectively.

State-run Public Institution for Social Security of Kuwait remains the biggest shareholder with an unchanged 23.51% stake, the website said. KIPCO Asset Management holds 5.32%.

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