Kuwait Sells Holding in First Known Deal Since Iraqi Invasion

The Kuwaiti government’s investment arm today made its first known sale of a Kuwaiti holding since Iraq’s invasion of Kuwait on Aug. 2.

The sale was “purely an investment decision” and was not aimed at raising cash, said a spokeswoman for the London-based Kuwait Investment Office.

The investment office sold a 10.1% stake in Mount Charlotte Investments PLC to a company controlled by New Zealand financier Ron Brierley, Brierley’s company said. The sale is worth $121 million.

The Kuwait Investment Office has a massive portfolio worth up to $100 billion that includes major stakes in British, West German and Spanish companies.

Brierley Investments said it paid $1.36 per share for the 88.8 million shares of Mount Charlotte owned by the Kuwait Investment Office.

Mount Charlotte owns and operates 100 hotels.

Brierley Investments has holdings in a diverse range of industries and markets.