Banking & Finance Kuwait sovereign fund to offload stake in Mercedes-Benz By Pramod Kumar March 29, 2023, 5:20 AM Creative Commons Kuwait Investment Authority is the third-largest shareholder in Mercedes-Benz Kuwait Investment Authority (KIA), a sovereign wealth fund, plans to reduce its stake in the German luxury carmaker Mercedes-Benz by selling 20 million shares. The Kuwaiti fund is the third-largest shareholder in Frankfurt-listed Mercedes-Benz. At price guidance of €69.27 ($18.86) per share, KIA may raise €1.385 billion ($1.5 billion), which will reduce its stake to less than five percent from the current 6.84 percent, Reuters reported. “The KIA is committed to continuing the successful partnership with Mercedes-Benz and will remain a key shareholder,” the German carmaker said in e-mailed comments. In September 2022, Bloomberg reported that KIA was planning to move the management of a $7 billion fund from London back to its home country. The wealth fund will oversee the satellite fund from its Kuwaiti headquarters instead of the London-based Kuwait Investment Office. However, the fund will remain housed in the UK. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
