ArabianBusiness.com - Middle East Business News Thursday, 28 August 2008 | 11:37 UAE time

YOUR DIRECTORY /

Print this page Print this page | Email this to a friend Email this to a friend | Discuss this article (0 Comments) |

GCC banks to sell Bahraini bank stakes

by Reuters on Sunday, 30 September 2007

Commercial Bank of Kuwait and Pearl of Kuwait Real Estate have reached a deal to sell their stakes in Manama-based Bank of Bahrain and Kuwait, a newspaper said on Sunday.

The stakes would be sold to an unidentified Kuwaiti investor at 530 fils per share, with a deal expected to be signed in the next few days, al-Watan said in an unsourced report.

CBK would book a profit of 18 million dinars ($64.33 million) on its stake, while Pearl and affiliates would make profit of 4 million dinars, the paper said.

Story continues below
advertisement

Watan said the Kuwaiti buyer was seeking more than 35% of the bank to control the lender.

According to the Kuwaiti bourse Web site, CBK still held 20.17% in the Bahraini lender. Pearl's stake was not disclosed as the Web site only lists shareholdings of more than 5%.

Print Print | Email Email | Discuss this article |



USER COMMENTS (0 COMMENTS)

CLICK HERE TO POST A COMMENT

Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code * Code


Please click post only once - your comment will not be published immediately.

more ยป MIDDLE EAST MARKETS DATA

BBK.KSE

Last Price:

0.49

0.000.00%

31 Dec 1969 20:00 GMT
(Market Closed)

CURRENCY CONVERTOR

RELATED LINKS

  1. Bank of Bahrain & Kuwait»
  2. Commercial Bank of Kuwait (CBK)»

 EMAIL ALERTS

  1. Bank of Bahrain & Kuwait

  2. Commercial Bank of Kuwait (CBK)

  3. Banking & Finance



BUSINESS FEATURES

Crackdown

Dubai is turning the screw on white-collar crime, with a string of dramatic high-profile arrests.

Desert dreams

Spurred by oil and a buoyant banking sector, Kuwait's economy is expanding at a terrific pace.

Takaful takes over

The Takaful market is booming, with a host of firms queuing up to go public across the GCC.

ArabianBusiness.com/Jobs - Middle East Jobs Search
  1. Chief Accountant
    Industry: Finance
    Location: Abu Dhabi, UAE
  2. Senior Relationship - Transaction Manager within the Project Finance Division.
    Industry: Finance
    Location: Bahrain
Browse all jobs »

BUSINESS INTERVIEWS

Having an invested interest

Jones Lang LaSalle Hotels chief executive Arthur de Haast looks at the region's investment opportunities.

The gate keeper

The DIFC's CEO reveals how the financial centre is coping with a new influx of arrivals fleeing distressed Western markets.

Earning from experience

AbdulRazak Ali Issa, of BankMuscat, outlines a selection of the company's diverse range of funds.

MORE FROM ARABIANBUSINESS.COM