Kuwait Finance and Investment Co. (KFIC) announced today that it increased its stake in Kuwait Real Estate Co. (KRE), a Kuwait Stock Exchange listed company, to 5% through stock buys on the public exchange on Thursday.
KFIC had previously maintained an average ownership of around 3.6% in KRE for the past six months.
KFIC CEO Sana Jumah said, “We’ve been looking to increase our trading activities in the Kuwait Stock Market, which has witnessed a conservative return of trading performance recently, but we were waiting for the right stock with strong fundamentals, at the right price, and at the right time.
“As the market shows signs of a potentially slow and extended recovery, we will continue to seek short-term and medium-term investments that serve our conservative investment appetite if and when they surface.”
Established in 2000, KFIC’s activities include investment banking, asset management, and a very active brokerage that was ranked third in 2009 in terms of trade volumes and has a 12% market share.
