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Kuwait’s KIPCO to bid for health insurance company stake

Published: Updated:

Investment group Kuwait Projects Co. (KIPCO) said on Thursday it would bid for a stake in Kuwait Health Assurance Co. (KHAC), the first such announcement since the bidding process opened in April.

KHAC, which wants to sell a 26 percent strategic stake to investors, aims to privatize expatriate health insurance and associated medical care.

KIPCO, which made the announcement in a statement to the stock exchange, is a major regional investment house that holds stakes in media, industrial, financial and real estate companies.

Kuwait Investment Authority, the country's sovereign wealth fund, set the conditions for the sale and opened the bidding process in April.