Kuwait Sells Holding in First Known Deal Since Iraqi Invasion
LONDON — The Kuwaiti government’s investment arm today made its first known sale of a Kuwaiti holding since Iraq’s invasion of Kuwait on Aug. 2.
The sale was “purely an investment decision” and was not aimed at raising cash, said a spokeswoman for the London-based Kuwait Investment Office.
The investment office sold a 10.1% stake in Mount Charlotte Investments PLC to a company controlled by New Zealand financier Ron Brierley, Brierley’s company said. The sale is worth $121 million.
The Kuwait Investment Office has a massive portfolio worth up to $100 billion that includes major stakes in British, West German and Spanish companies.
Brierley Investments said it paid $1.36 per share for the 88.8 million shares of Mount Charlotte owned by the Kuwait Investment Office.
Mount Charlotte owns and operates 100 hotels.
Brierley Investments has holdings in a diverse range of industries and markets.
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