Kuwait Finance House (KFH) announced in a statement to the Boursa Kuwait last Thursday that one of its subsidiaries Development enterprises Holding Company has signed a preliminary agreement on November 21, 2024, with Gulf Construction House (a subsidiary of Gulf Investment House) to sell its entire stake in House of Energy Holding.

The statement elaborated that this agreement is contingent upon approval from all relevant regulatory authorities. The stake being sold comprises 24,862,502 shares, representing 54.844% of the issued capital of "House of Energy," which will be sold through an auction on the Kuwait Stock Exchange, in accordance with regulatory procedures.

KFH stated that the financial impact cannot currently be identified and will be disclosed later after the auction sale procedures are completed.