Arab investors plan Ahli move

Investors from Qatar, Egypt and Jordan plan to make an offer for a stake in Bahrain-based Ahli United Bank at $2.5 per share or more, a Kuwaiti newspaper said on Sunday.

"Major" shareholders in Bahrain's biggest bank could expect at least three offers, al-Qabas reported, without saying how it obtained the information. One of the investors was a large Egyptian bank, it added.

Kuwait's Tamdeen Investment Co., the second-largest shareholder in Ahli United, said on Wednesday it had rejected an offer from International Bank of Qatar to buy into the Bahraini lender. International Bank had offered $2.25 per share in a cash and stock deal.

Tamdeen, which holds 13 % of Ahli United, said last month that it and other investors it represented had agreed in principle to accept International Bank's bid for a 55 % stake in Ahli United.

The $6.1 billion deal would have been the biggest ever cross-border purchase of a Gulf Arab company.

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