Kuwait Fund Touts $150 Billion Profit as It Explains Areva Flop
ByKuwait Investment Authority, the world’s fourth-largest sovereign wealth fund, said it earned a net income of 45.2 billion dinars ($150 billion) in the last six fiscal years ending March 31, playing down the impact of losses resulting from its investment in French energy company Areva SA.
That the fund profited while invested in Areva reflects “how keen KIA is on diversifying its investments to make profits without being affected by losing in one investment,” state-run KUNA news agency reported, citing a statement from KIA. Concurrently, it announced the sale of its 4.8 percent stake in Areva, purchased in December 2010 for 600 million euro. The size of the loss was not disclosed…
Kuwait Fund Touts $150 Billion Profit as It Explains Areva Flop
