Gulf cable Co. to sell USD 66 million stake

The Gulf Cable and Electrical Industries Company board has approved selling its stake in the Egypt-Kuwait Holding of 45.034,346 stocks at 420 fils per share, with a total value of KD 18.9 million (USD 66.15 million).

The company in a statement posted on Boursa Kuwait website on Sunday forecast earnings amounting to KD 14.8 million (USD 41.8 million) The selloff will be conducted according to regulations adopted by Boursa Kuwait and the Capital Market Authority.

The company, established in 1975, was listed in the bourse in 1984, with a capital of KD 20.9 million (USD 73.15 million).

It is specialized in electric cables manufacturing and invests in various portfolios.

Source: Kuwait News Agency

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