Dubai: Shuaa Capital said on Tuesday it will sell its 48.69 per cent stake in Kuwait-based Al Kout Industrial Projects Company (AIP) to a group of prominent Kuwaiti investors. The sale is expected to generate more than $50 million of liquidity for Shuaa.
Listed on the Kuwait Stock Exchange, AIP specialises in the production of chlorine, hydrochloric acid, caustic soda and other related chemicals for a range of applications from water treatment and food manufacture to oil drilling. Shuaa bought the stake in 2006.
"When we launched our turnaround plan, we made it clear that we wanted to focus the company on our successful fee generating businesses. Our heritage principal investments, including our stake in Al Kout fall outside of our new strategy. We continue to look to sell other non-core assets, and are very encouraged by the fact that market sentiment has improved," Sameer Al Ansari, Chief Executive Officer of Shuaa Capital said in a statement.