Mubasher: Alghanim Trading Company on Sunday announced its agreement to more than double its stake in Gulf Bank of Kuwait (GBK) to around KWD 266.860 million ($880 million) holding.

The second-biggest shareholder in the Kuwaiti lender made arrangements with related parties to buy a 9.2% stake off-market, bringing its holding to 16.6%, Alghanim said in a statement.

The GCC privately-owned firm, which operates in industries ranging from construction to energy, received last week the Central Bank of Kuwait’s approval to step up its ownership in Gulf Bank to 33%.

Alghanim Trading, controlled by Omar Kutayba Ahmad Alghanim, said further purchases will be through Boursa Kuwait and reply on market conditions.

Omar Kutayba Alghanim is the chairman of GBK, while the Alghanim family holds about 20% of the Kuwaiti bank through Alghanim Industries, Alghanim Trading and Bassam Yusuf Alghanim.

GBK’s capital amounts to about KWD 304.81 million, distributed over 3.05 billion shares, with a nominal value of 100 fils per share.

During the first nine months of 2018, GBK’s profits rose 18.1% to KWD 42.68 million from KWD 36.15 million in the corresponding period a year ago.