Ten brokerage companies operating on the Kuwait Stock Exchange completed the liquidation of about 30.2 million shares of Kuwait Finance House (KFH), owned by former director of Public Institution for Social Security (PIFSS) late Fahd Al-Raja’an, based on the decision of the Public Prosecution.
According to the traded share prices during the three-day period specified by the stock exchange rules for the implementation of the forced sale, the value of the sold shares is estimated at about 24 million dinars, if the price of “KFH” share closed on the first day at 798 fils, the second day 815 fils, and the third day 814 fils, reports Al-Qabas daily.
The amount of shares was sold as of January 15, according to the supply and demand mechanisms followed on the official screen of trading in the stock exchange, by dividing them equally among the brokerage companies operating in the market, and according to the modern controls regulating the execution processes.
Sources said that the brokerage firms finished selling the quantity before the expiration of the 3-day period specified in the stock exchange regulations, in light of the high demand for bank shares, led by KFH shares.
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