Kuwait's Al-Khair National Group (Al-Kharafi Group) has accepted a proposal by Al-Khair International Stocks Company (Bader Nasser Al-Kharafi) to purchase 29 per cent of Gulf Cable Company’s shares at a book value of around $500 million, said a report.

A press release issued by Al-Khair National Group explained the sale process will be conducted according to Capital Markets Authority and Boursa Kuwait regulations, added the Kuwait Times report.

Notably, as part of its new strategy to deal with local and international economic changes, Al-Khair International Company, owned by Bader Nasser Al-Kharafi, recently made a number of substantial acquisitions and purchased shares in operational companies listed on the stock exchange.