Kuwait's Aref Investment Group  is selling a 29-percent stake in Aref Energy Holding in an auction on Wednesday, the Kuwait Stock Exchange said.

In October, Aref Investment said it would sell its position in Aref Energy -- a 72-percent stake -- to Development Projects at a total value of 73.1 million dinars ($263 million).

"(There were) no higher bidders for the stake so the auction with the initial buyer will be completed today," the statement said, of the first portion.

 A total of 217.5 million shares will be offered at an initial price of 134 fils each, totalling 29.15 million dinars. - Reuters