Al-Mal of Kuwait Rises to Highest in a Year on Stake Sale Offer

03/11/2010 00:00 AST

Al-Mal Investment Co. surged to the highest level in more than a year after the Kuwaiti firm said it received an offer to sell a 31.3 million-dinar ($112 million) stake in an energy company.

The shares increased 4.4 percent to 144 fils, the highest intraday level since September 2009, as of 10:37 a.m. in Kuwait. The shares have gained 73.5 percent this year.

Al-Mal said it will decide on a possible sale this month and it may make a 20.5 million-dinar gain from the sale.


Bloomberg

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