Kuwait May Buy GM Stocks

Nov. 6, 2010
'We are interested if it is cheap,' Kuwait Investment Authority chief said.

Kuwait Investment Authority, the oil-rich Gulf state's sovereign wealth fund, will take part in General Motors' new stock offering if it is "feasible," the KIA chief said on Oct. 6.

"They have announced the price range. We will look into it, we have to review it and if it is feasible we are interested," managing director Bader al-Saad said on the sidelines of a Gulf finance ministers meeting.

"We are interested if it is cheap," he said, without elaborating on the number of shares the fund may buy.

General Motors on Oct. 3 said it is seeking to raise $13 billion from a new stock offering as part of the auto giant's efforts to break away from government ownership. The initial public offering (IPO), one of the largest in U.S. history, will consist of 365 million shares of common stock, with the estimated price range for the offering of common stock at $26 to $29 per share.

GM will also issue 60 million preferred shares at $50 per share.

KIA runs two government funds estimated at more than $270 billion. Most of its investments are in the United States and Europe.

Copyright Agence France-Presse, 2010

Popular Sponsored Recommendations

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

Modern Edge Computing Accelerates Smart Manufacturing Initiatives for Discrete Manufacturers

Oct. 22, 2023
Discover how Edge Computing platforms are a requisite for discrete manufacturers to solve production challenges, accelerate digitalization, and establish a reliable infrastructure...

Powering Up Productivity: The Transformative Power of AP Automation in Manufacturing

Oct. 25, 2023
Discover how AP Automation is revolutionizing the manufacturing industry, driving efficiency, cost savings, and security. In today's world, automation is the key to staying competitive...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!