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WH Ireland says Kuwaiti group takes 23 pct stake in company: Reuters

WH Ireland Group Plc said on Tuesday Kuwaiti European Holding Group (KEH) and related parties had bought a 23.1 percent stake in the company, amid media speculation that KEH may be positioning itself to buy out the British stockbroker.

WH Ireland, which offers private wealth management, wealth planning and corporate broking services, said it would work with KEH Group to accelerate its growth opportunities.

“KEH Group has an exciting plan for growth within its existing financial services companies in the Gulf states and the UK,” WH Ireland Chief Executive Richard Killingbeck said.

WH Ireland expects to be able to help support this growth, Killingbeck said.

KEH is an investment company focused on property, health and leisure businesses.

WH Ireland’s regulatory filing did not disclose from whom KEH bought the stake.

The news follows a Sky News report on Saturday that KEH Group was close to announcing a deal to buy a stake in WH Ireland, and may also consider acquiring the London-listed company entirely.

WH Ireland held 2.7 billion pounds ($3.52 billion) in assets under management as of May 31.