Shuaa sells stake in Kuwaiti AIP for $50m

18 May 2010

(MENAFN) Dubai-based Shuaa Capital said that it had received the Kuwaiti bourse’s approval to sell its stake in Al Kout Industrial Projects Company (AIP) for over $50 million, TradeArabia reported.

Shuaa said in a statement that it sold its 48.69 percent stake in Kuwaiti chemical firm AIP, which it bought in 2006.

Listed on the Kuwait Stock Exchange, AIP is a Kuwait-based chemicals business specializing in the production of Chlorine, Hydrochloric Acid, Caustic Soda and other related chemicals for a range of diverse applications from water treatment and food manufacture to oil drilling, the statement said.

Announcing the completion of the sale, Shuaa said that the AIP stake was sold for $1.3 per share generating over $50 million of liquidity for the company. The transaction had no material impact on company’s bottom line, Shuaa said.

The firm said in its website that the stake was sold to a group of prominent Kuwaiti investors. Kuwait stock market had reported earlier that Kuwait Financial Center (Markaz) was an initial buying party in the deal.

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