Bahrain's Ahli United says IFC fund buys 167m shares

Kingdom's largest lender said shares were converted at price of 74.8 US cents per share

Bahrain's Ahli United Bank (AUB) said the International Finance Corp, the World Bank's private sector arm, bought 167 million shares in the lender as part of conversion of its preference shares in the bank to equity.

The kingdom's largest lender by market value said the shares were converted at a price of 74.8 U.S. cents per share, giving IFC a 2.95 percent shareholding in the bank.

The conversion price represents a 10 percent premium to the bank's closing market price as of Oct. 10, Ahli United said in a bourse statement on Monday.

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