In­vest­ment Author­ity sells its Areva stake

Kuwait Times - - LOCAL -

KUWAIT: The Pub­lic In­vest­ment Author­ity (PIA) has sold its share, 4.8 per­cent, in the French en­ergy com­pany Areva to the French Gov­ern­ment at a value of euro 83 mil­lion ($97.7 mil­lion), the PIA said in a state­ment yes­ter­day. De­spite losses in the PIA in­vest­ments in Areva, the author­ity has suc­ceeded in post­ing KD 45.2 bil­lion (ap­prox. $149 bil­lion) worth of net profits for the pe­riod from 2010-2011 to 2016-2017, dur­ing which it in­vested in the French com­pany. This as­serted PIA’s keen­ness on di­ver­si­fy­ing in­vest­ments to make profits with­out be­ing af­fected by losses in a sin­gle in­vest­ment.

The PIA at­trib­uted its losses in Av­era, spe­cial­ized in nu­clear power and re­new­able en­ergy, to reper­cus­sions of the 2011 tsunami that hit Ja­pan, namely the cat­a­strophic de­struc­tion of the Fukushima nu­clear re­ac­tor.

The author­ity started in­vest­ing in Av­era on De­cem­ber 28, 2010, pur­chas­ing 4.8 per­cent stake of the com­pany’s euro 600 mil­lion ($706.5 mil­lion) cap­i­tal. But af­ter de­te­ri­o­ra­tion of in­vest­ments in the nu­clear en­ergy due to dis­as­ters, the author­ity sought to with­draw from the com­pany since 2014. The PIA reached a deal with the French Gov­ern­ment to sell its stake, the state­ment said, not­ing that it could not do so through the bourse be­cause trad­ing on Areva stocks was quite lim­ited. —KUNA

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.