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Home >> Business
UPDATED: 16:25, September 25, 2006
Kuwait invests in Chinese bank
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Kuwait will be among the top investors in Industrial and Commercial Bank of China (ICBC), local daily Arab Times reported on Monday.

A deal has been signed in Singapore during meetings of the World Bank last week, state-owned Kuwait Investment Authority (KIA) will accordingly buy ICBC shares worth 719.4 million U.S dollars.

KIA therefore is to be the largest single subscriber in what is expected to be the world's biggest initial public offering (IPO).

The previous largest IPO was in 1998 when NTT Mobile Communications Network Inc. raised 18.4 billion dollars.

"This participation demonstrates Kuwait's deepening economic ties with China as well as showcases the long-term strategic value of KIA as a core investor," KIA Managing Director Bader al-Saad was quoted as saying in a statement.

A unit of the Government of Singapore Investment Corp (GIC) will buy 360 million dollars in shares and Qatar Investment Authority will buy 206 million dollars, said the report.

Source: Xinhua

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