Kuwait's SWF-linked KCIC says to list shares in Q4

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Kuwait stock exchange

Reuters | Wed Oct 14, 2009

KUWAIT, Oct 14 (Reuters) - Kuwait China Investment Co (KCIC), a firm linked to the Gulf Arab state's sovereign wealth fund, said it had secured the final approval to list its shares on the Kuwaiti bourse during the fourth quarter.

"The Kuwait Stock Exchange Market Committee and KCIC will agree on the final listing day in two weeks," KCIC said in a statement on Wednesday.

Kuwait Investment Authority owns a 15 percent stake in KCIC, which was established in 2005 with a capital of 80 million dinars ($280 million). Other investors include Kuwait's family-owned conglomerate Al-Ghanim Industries.

The asset management firm was set up to become an investment vehicle in Asia to tap into the emerging market economies' potential growth. It is currently managing assets worth about $450 million.

KCIC's chief financial officer told Reuters last week that the firm has approached governments in Southeast Asian countries to invest in underdeveloped farmland.

Kuwait has said it is interested in investing in agriculture and farmland in both Asia and Africa as it looks to diversify food sources.

The world's fourth-largest oil exporter has been looking at investing in the Far East to help diversify its revenue away from heavy reliance on oil exports.

(Reporting by Eman Goma; Editing by Natsuko Waki/Will Waterman) ($1=.2857 Kuwaiti Dinar)
Original source: Reuters
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