Kuwait Wealth Fund have decided not to invest in GM

Kuwait Investment Authority (Kia), the country’s sovereign wealth fund, decided against buying General Motors Co shares after the sale price was raised, according to a person familiar with the matter. GM’s owners, including the US Treasury, sold shares at $33 each in an initial public offering on Nov. 17. The automaker had filed with the Securities and Exchange Commission on November 3 to offer the shares for $26 to $29 each.

The company raised more than $20 billion in the IPO, which reduced the US government to a minority shareholder.Kia’s Managing Director Bader al-Saad said on November 6 that Kuwait would look into the IPO’s price range before deciding to buy shares in the automaker. “If something is cheap, we are interested, of course,” al-Saad said at the time.