Kuwait Finance House may sell properties, cut small number of jobs

Kuwait Finance House may auction some of its properties or offer them to be run by other operators, depending on market conditions, its chief executive Mazin Saad al-Nahedh without giving details. He also said KFH planned to cut tens of jobs as part of its restructuring plan, which would eliminate some positions. Some people would be moved to other subsidiaries. KFH said in early May that it was considering a possible sale of its Malaysian unit. That is the only unit earmarked for possible sale because it is outside the Middle East, Nahedh said. The bank is restructuring activities ahead of a planned divestment by its largest shareholder, the Kuwait Investment Authority. A timetable for the divestment has not been announced.