NO. 14


Financial and Banking News

Investment Activities

KIO to Buy Out Remainder of Torras

The Kuwait Investment Office (KIO), which owns nearly 40% of the shares ofits principal Spanish holding company, Grupo Torras, has been cleared by theNational Securities Commission in Madrid to bid for the remaining publicly-heldshares in the company. The KIO's bid has been launched at a time when Torras'share price is languishing far below its 1987 highs, and about half of its...