The National Investment Company, Kuwait’s market leading investment bank, has this morning announced the successful sale of a 3.2% stake in Boursa Kuwait, the national stock exchange operator, to leading international and regional institutional investors for $43 million.

 

The NIC sold a total of 6.5 million shares, representing a 3.2% stake in Boursa Kuwait.

 

The sale was executed through an Accelerated Book Build in collaboration with EFG Hermes. Following the transaction, NIC retains a significant 12.5% shareholding in Boursa Kuwait, reaffirming its confidence in the exchange’s robust business model and promising growth trajectory.

 

The partial exit broadens Boursa’s shareholder base across several renowned international hedge funds and institutional investors.

 

Khaled Al Falah, Chairman of the Board of Directors of NIC, said: "This divestment is a testament to our dynamic investment strategy and disciplined risk management approach. We are immensely optimistic about Boursa Kuwait’s evolution and prospects, guided by its management team."

 

"The proceeds from this transaction strengthens our financial position and prepares us for strategic investment opportunities, particularly as we accelerate our regional expansion into the Kingdom of Saudi Arabia and the UAE," he stated.

 

Al Falah said: "By selectively introducing renowned international hedge funds and institutional investors into Boursa Kuwait’s shareholder base, we are enhancing the exchange’s global profile and fostering a more diversified investor community."

 

NIC has been instrumental in Boursa Kuwait’s transformation journey.  The Capital Markets Authority initiated the privatization of Boursa Kuwait in early 2019, with NIC leading a prominent investment consortium. 

 

This consortium, comprised of leading local companies and the Athens Stock Exchange, successfully acquired a 44% stake of Boursa Kuwait for approximately $62 million.-TradeArabia News Service