Investment Dar to sell al-Madar

Islamic investment firm Investment Dar has reached an initial agreement to sell its percent stake in al Madar Finance and Investment Co. to Kuwaiti rival Stehwaz, a newspaper said on Tuesday.

Investment Dar had informed the Kuwaiti stock exchange about the initial agreement to sell the stake for 450 fils per share, Al-Rai al-Aam reported, without saying how it got the information.

Investment Dar said on June 9 it was interested in selling its subsidiary al Madar and had mandated U.S. bank Merrill Lynch to manage the sale.

Investment Dar has said it owns 61.28% of al Madar.

Kuwaiti daily Alam Alyawm, citing unidentified sources, said on June 2 Stehwaz had made an offer to buy the stake in a deal worth between 93 million dinars and 111 million dinars.

Stehwaz has declined to comment on the report.

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