KIPCO raises stake in Gulf Insurance
Friday, 09 13 2019, Category: Insurance and Reinsurance, Country: Kuwait
Kuwait Projects Holding (KIPCO) has increased its stake in Gulf Insurance Group on Wednesday, 11 September, Boursa Kuwait disclosed on Thursday.
One of KIPCO’s board members has purchased around 208,852 shares in Gulf Insurance at a total value of around KWD 14,100 or KWD 675 fils per share. It is worth highlighting that KIPCO owns the biggest stake in Gulf Insurance.
KIPCO is represented in Gulf Insurance’s board by the chairman Farkad Abdalla Ali Al Sanea, deputy chairman Faisal Hamad Mubarak Al Ayyar, and member Khaled Saud Abdul Aziz Al Hassan.
It is worthwhile to mention that during the second quarter of 2019, Gulf Insurance’s profits surged to KWD 4.37 million from KWD 3.25 million in the same period a year ago, a 34.5% year-on-year rise.