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

  • Share via facebook
  • Tweet this
  • Bookmark and 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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Rising from the ashes: The UAE's insolvency dilemma

Rising from the ashes: The UAE's insolvency dilemma

The UAE is close to finalising a modern insolvency law that would...

1
Saudi currency devaluation would carry major political risk

Saudi currency devaluation would carry major political risk

Currency traders have been betting against the Saudi peg, and...

Ambitious Saudi reforms may not avert looming economic slump

Ambitious Saudi reforms may not avert looming economic slump

Cheap oil continues to put pressure on Saudi currency; opens...

Most Discussed
sponsoredTracking