Kuwait-based Gulf Investment House (GIH), listed on Abu Dhabi Securities Exchange (ADX), increased its equity ownership in Inovest to 23.84%, according to a bourse filing.

The listed firm purchased 25.55 million shares in Inovest, one of GIH’s associated companies, in exchange for KWD 2.29 million.

GIH registered KWD 1.36 million worth of gains from the transaction, which will reflect on its income statements during the fourth quarter (Q4) of 2022.

Last October, Abdulaziz Asaad Abdel Aziz Al Sanad, Chairman of GIH, unveiled plans to list three affiliate companies on ADX and another firm on the Saudi Stock Exchange (Tadawul).