Kuwaiti investment firm Arabi Group Holding Co. said on it has won a bid for a 26 per cent stake in Kuwait Health Assurance Co which was auctioned by the country's sovereign wealth fund.

In a statement to the Kuwait bourse, Arabi Group said it had been selected as the strategic partner and would begin steps to establish the company, which is being set up to privatise expatriate health insurance and associated medical care.

Larger companies Agility, a logistics group, and investment firm Kuwait Projects Co were also bidders.

Kuwait Investment Authority, the country's wealth fund, set the conditions for the sale and launched the bidding process in April. - Reuters