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Dubai's Shuaa sells its stake in Al Kout Industrial Projects Co

2010-05-18

Dubai based Shuaa Capital has sold a $56.7 million stake in Al Kout Industrial Projects Co to Kuwait Financial Centre (Markaz), the bourse said.  The stake of about 48 percent stake in the Kuwaiti chemicals firm was worth 16.42 million dinars ($56.68 million), or 385 fils per share, the bourse said in a statement. There are 1,000 fils to the dinar.  Financial services group Shuaa, which had bought Al Kout in 2006, has said it plans to sell some non core assets.  Other investments that may be disposed of include UAE desalination firm Septech and Qatar"s Amwal, Shuaa has said. Shuaa swung to a net profit in the first quarter, after suffering losses in 2009.