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Wed 27 Jun 2007 12:09 PM

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Gulf Finance made $33m from unit sale

Bahrain's Gulf Finance House sold a 30% stake in its wholly-owned Khaleeji Commercial Bank.

Bahrain's Gulf Finance House said it had made a profit of $33 million from the sale of a 30% stake in its wholly-owned Khaleeji Commercial Bank unit.

The Bahraini investment bank valued the transaction at $126 million in a statement to the Dubai bourse on Tuesday.

The share sale raised Khaleeji Commercial's capital to 100 million dinars and all the new shares were taken up by the new investors, a group of regional financial institutions, Gulf Finance House said earlier.

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