Following Kuwait Investment Authority (KIA)’s announcement on 12 May regarding the sale of its 16% stake in Gulf Bank, it has announced today that the auction for the sale has been scheduled for July 24. 
As per the details released by Boursa Kuwait, the only bidder for now is, as expected, Al Ghanim Trading Company, owned by Gulf Bank’s Chairman, Omar Kutayba Al Ghanim. He has approval from the Central Bank of Kuwait to increase his stake in Gulf Bank to up to 33% and until the 29th of July. His current stake in the bank is 16.67%. The initial price for the auction has been set at 312 fils, same as GBK’s current share price. 

Elena Sanchez-Cabezudo, CFA)