Shuaa denies Ahli bid report

Dubai-based investment bank Shuaa Capital denied on Saturday a newspaper report that it is part of a group that is in talks to buy a majority stake in Bahrain's Ahli United Bank.

Kuwait's Alam Alyawm said on Saturday that Shuaa was part of a group offering to buy 55 % of Bahrain's largest lender by market value from the lender's second-largest shareholder, Kuwait-based Tamdeen Investment Co.

"We are not involved in anything in Kuwait either as an investment bank or a buyer," Shuaa Capital Iyad Duwaji told Reuters by telephone.

International Bank of Qatar (IBQ), Ahli's previous suitor, said earlier this month further talks with Tamdeen were unlikely to be successful, effectively ending its bid.

Tamdeen had earlier turned down IBQ's $2.25-per-share offer.

Al-Wasat daily in Kuwait reported last week Tamdeen would shortly announce it received another offer for a 55 % stake in Ahli United.

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