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Kuwait Finance House Unit Acquires 67% of Aref Energy

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Aug. 1 (Bloomberg) -- Development Enterprises Holding, a unit of Kuwait Finance House, completed the acquisition of 66.8 percent of Aref Energy Holding KSCC, according to a statement to the Kuwait Stock Exchange today.

Development Enterprises purchased 500.7 million shares at 134 fils per share, valuing the acquisition at 67.1 million dinars ($238 million), the company said. Aref Energy is a unit of Aref Investment Group.

To contact the reporter on this story: Fiona MacDonald in Kuwait at fmacdonald4@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

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