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Kuwaiti Firm Holds Krispy Stake

April 13, 2006|From Reuters

Kuwaiti conglomerate Mohamed Abdulmohsin Al Kharafi & Sons said Wednesday that it had a 6.7% stake in Krispy Kreme Doughnuts Inc.

M.A. Al Kharafi, which is run by Nasser Al Kharafi, owns 4.13 million of Krispy Kreme's common shares, according to a filing with the U.S. Securities and Exchange Commission.

Krispy Kreme has been struggling to restore its financial health after a decline in doughnut sales, an earnings restatement and an SEC investigation into its accounting.

Nasser Al Kharafi and his family reached No. 29 on Forbes magazine's most recent list of the world's richest people.

Krispy Kreme shares fell 7 cents to $8.42.

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