The board of WH Ireland Group has confirmed Kuwaiti European Holding Group (KEH Group) has taken a 23.1% stake in the City broker as it announces "exciting plans" to expand its services in the UK and the Gulf states.
Yesterday shares soared as much as 33% to 135p as investors speculated KEH could seek to make an entire bid for the company.
In a statement released this morning, WH Ireland, which also has a wealth management arm, said the noted the change of shareholder in the Company.
"The board welcomes the new shareholder, KEH Group, and is looking forward to working with KEH Group in order to accelerate the growth opportunities across the company.
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CEO Richard Killingbeck said "The board and I are very pleased to welcome our new shareholder in WH Ireland. KEH Group has an exciting plan for growth within its existing financial services companies in the Gulf states and the UK.
"WH Ireland expects to be able to help support this growth from both of its divisions and to benefit from the financial resources within KEH Group to develop and accelerate growth plans at the company."
Dr.Abdullah Al-Humaidi, Dr. Dherar Al-Humaidi and Ms. Hussah Rashid of KEH Group had bought 6,037,215 shares in WH Ireland, amounting to 23.1% of the firm's shares.
