By Fajer Al-Hajeri
KUWAIT, Oct 22 (KUNA) -- The Board of Directors of Kuwait Investment Authority has approved resumption of its program regarding transferring its shares from local companies to the private sector, KIA stated Wednesday.
KIA has decided to sell its shares in three companies; Kuwait Investment Company (KIC), Kuwait Finance House (KFH), and Zain Group, a mobile telecommunications company, in accordance to article (386) of the implementing regulation of Kuwait Capital Market Authority's (CMA) Law No. 7/2010, KIA said in a press statement during the Board's meeting, adding that CMA has approved of KIA's decision.
KIA's share in KIC is to be sold via an Initial public offering (IPO), due to be completed by end of first half of 2015, the statement said, adding that KIA's Board has decided to postpone selling of its shares in KFH and Zain to later time.
It affirmed that KIA will take into consideration markets' circumstances in order to guarantee attainment of public benefit when IPO is offered.
KIA also confirmed its continuation to work as an investor in local markets by reinvesting returning sums from upcoming IPOs through new investment tools and funds that are offered by investment companies. (end) fh.fnk.ma