Global nets KD9.6m from selling its stake in Nibras Holding

Mr. Omar M. El-Quqa, Global's Executive Vice President, said that 44 million shares were sold at the price of 470 Kuwaiti fils per share, through an auction at the Kuwait Stock Exchange for a total amount of KD20.7m ($75m).

El-Quqa pointed that the principle investments are key income generators for the company. The portfolio includes a list of quality investments in private as well as listed companies with a strategy to create value for these companies and exit them upon reaching the target. Accordingly, the selling of our share in Nibras is as per the preset strategy and goals to augment profitability for our shareholders.

He added that this deal reflects the strength and diversity of our principle investment portfolio which consists of valuable assets that include listed and unlisted securities. Historically, Global has generated an average annual return exceeding 18% from its principle investment portfolio, thanks to the professional team that manages it.

El-Quqa affirmed the role Global plays in creating value for the companies it invest in through the engagement in the board and the experience and support provided to the executive management.

It is worth noting that Global bought its stake in Nibras in 2005 at the average cost of Kuwaiti fils 252 per share. During the period, Nibras adopted a very aggressive strategy by acquiring new schools in Kuwait, increasing the number of students to 5300, developing new premises for the Fahaheel National Private Indian school and acquiring a license to operate a private school in Qatar.