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Kuwait's Kharafi group chairman dies
The billionaire chairman of the Kuwaiti conglomerate Kharafi Group, a major shareholder in telco Zain , has died in Cairo from a heart attack, a Kharafi Group source said on Sunday.
Nasser Al Kharafi headed the Kuwaiti family-owned firm which had stakes in several listed firms in the Gulf state.
Nasser Al Kharafi, aged 67, was ranked 77th in the 2011 Forbes list of richest people in the world and was estimated to be worth $10.4 billion. His empire spanned sectors including construction, manufacturing and retail and had investments in Kuwait’s leading financial institutions and listed firms.
Zain shares were trading down 3.3 per cent on the Kuwaiti bourse at 0850 GMT. They dropped as much as 5 per cent earlier in the day. Shares in National Investments , another Kharafi Group-owned company, fell 5.1 per cent.
Shares in National Bank of Kuwait , the Gulf state’s biggest lender, also dropped 1.7 per cent. Nasser Al Kharafi was on the lender’s board and the group had a stake in the bank.
Last week, Zain shareholders elected a new board, including a top executive from the Kharafi Group, and approved a $3 billion dividend for 2010.
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