DUBAI: The Kuwait Capital Market Authority will start next month a public offering of its 50 percent stake in the local stock exchange.
Only Kuwaiti citizens will be eligible to buy the shares, according to a press release yesterday. The subscription period will run from October 1 to December 1, with the offering price set at 100 fils per share, or one-tenth of a dinar.
The offering is the second and final stage of a privatization process that started in February, when the markets regulator sold 44 percent of the company to a consortium of domestic and international investors.
The consortium that bought the stake earlier this year comprised the Athens Stock Exchange, National Investments Company, First Investment Company and Arzan Financial Group.After the offering is completed, Kuwait’s Public Institution for Social Security will retain the remaining 6 percent in the company.
Kuwait’s main equity index is up about 24 percent this year.
