(Bloomberg) — Gulf Bank’s second-biggest shareholder agreed to more than double its stake in the Kuwaiti lender as it seeks to build a holding valued at about $880 million.

Alghanim Trading Co. made arrangements with related parties to acquire a 9.2 per cent stake off-market, taking its stake to 16.62 per cent, according to a statement. The company, which operates in industries ranging from construction to energy, last week received central bank approval to boost its ownership in Gulf Bank to 33 per cent.

Alghanim Trading, controlled by Omar Kutayba Ahmad Alghanim, said further purchases will be through Boursa Kuwait and depend on market conditions. Omar Kutayba Alghanim is the chairman of Gulf Bank.

The Alghanim family holds about 20 per cent of Gulf Bank through Alghanim Industries, Alghanim Trading and Bassam Yusuf Alghanim.

In August, Kuwait’s central bank approved the transfer of up to 160 million Gulf Bank shares from Kutayba Yusuf Alghanim, Alghanim Industries, Alghanim Commercial and Yusuf Alghanim to Bassam Yusuf Alghanim. The approval was under the condition that he sells shareholding in excess of 5 per cent within two years.