KIPCO signs agreement to sell stake in Gulf Insurance – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
- Date: 25-Apr-2023
- Source: Arab Times Kuwait
- Sector:Financial Services
- Country:Kuwait
KIPCO signs agreement to sell stake in Gulf Insurance – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News
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Purchase price set at two dinars per share
KUWAIT CITY, April 24: Kuwait Projects Company (Holding) announced that it entered into a binding agreement to arrange a special deal agreed upon with Fairfax Financial Holdings Company to sell KIPCO’s full stake in Gulf Insurance Group, which amounts to 46.32 percent, reports Al-Qabas daily. The company said that the purchase price was set at two dinars per share, with a total of 263.7 million dinars ($860 million), from which the share of the projects company will be deducted, which may be distributed by Gulf Insurance from cash dividends for the year 2022.
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