No. 32



KIPCO Aims To Take Control Of Burgan As Kuwaiti Banks Emerge From Debt Crisis

On 31 July the Kuwait Investment Authority (KIA), the state's investment arm, sold byauction 130,000 shares in Burgan Bank to the Kuwait Investment Projects Company (KIPCO)for KD48.1mn ($159mn), or 370 fils per share. The disposal, which represents a 17.5% stakein the bank, leaves KIPCO owning 43% of the bank's equity and the KIA with a 33.6% stakewhich it says it will dispose of...