KUWAIT: Al Khair Global, owned by Kuwaiti businessman Bader Nasser Al-Kharafi, announced that its ownership goal of its stake in Gulf Cable & Electrical Industries Company has changed from ‘acquisition’ to ‘partial sale’. A renowned international investor is seeking to purchase 5 percent of Gulf Cable for an undisclosed amount. Negotiations have entered an advanced stage, with Al Khair Global keen on following the proper regulatory channels and complying with Capital Markets Authority directives.

Gulf Cable has witnessed strong performance and development, reliably meeting shareholder expectations as the only commercial entity in Kuwait that produces and exports electric cables as well as control, communications and public transport cables. The investment of a new strategic partner will likely aid in new initiatives and international growth. Al-Kharafi will remain the majority shareholder.

The book value of the company is nearly KD 140 million, with the execution of a series of contracts and projects expected to earn tens of millions of dinars in new revenue including a KD 6.3 million contract to provide low voltage cables to the Ministry of Electricity and Water signed in April.