Kuwait Projects Co. (KIPCO) said on Sunday it has agreed to sell Canada-based Fairfax Financial Holdings Limited a 39.2-percent stake in Gulf Insurance Co. for 208.6 million dollars.
The deal will reduce KIPCO’s share in GIC, Kuwait’s largest insurance firm, to around 43 percent and raise the Fairfax stake to around 41 percent, said a KIPCO statement. The transaction will be sealed shortly subject to Kuwait Stock Exchange procedures, it said.
“Fairfax brings its international insurance and reinsurance expertise, proven management skills and global investment platform and technology infrastructure knowhow to GIC,” KIPCO vice chairman Faisal al-Ayyar said.
Kuwait City, Sept 19, 2010 (AFP)
