GCC banks to sell Bahraini bank stakes

Commercial Bank of Kuwait and Peal of Kuwait Real Estate reach deal to sell stakes in Bank of Bahrain.
GCC banks to sell Bahraini bank stakes
By Reuters
Sun 30 Sep 2007 04:34 PM

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.

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%.

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