GIH denies plan to raise Mayadeen stake
Dubai, February 14, 2008
Kuwaiti investment bank Global Investment House (GIH) denied a newspaper report on Thursday that it plans to raise its stake in National Ranges & Real Estate Company (Mayadeen).
Kuwait's Al-Watan daily said the country's largest investment bank by market value plans to increase its stake in Mayadeen to 20 per cent from 11.3 per cent. It did not say how it got the information.
"There is no plan to raise Global's stake in Mayadeen," Omar Al Quqa, executive vice president at Global told Reuters by telephone.
Al-Watan also said Kuwait's National Investment Co plans to buy 20 per cent of Mayadeen. "There is no cooperation with National Investment on this," Quqa said.
Shares of Mayadeen have risen 6.1 percent since Feb. 3. The stock was down 1.41 percent on Thursday at 0935 GMT.-Reuters