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Sun 12 Dec 2010 12:12 PM

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Kuwait Projects eyes stake in Ahli United Bank

Kuwait Projects, also known as Kipco, has not made a formal offer yet for Bahrain-based lender

Kuwait Projects eyes stake in Ahli United Bank
According to Al Jarida newspaper, Kuwait-based Kipco started negotiating with Al Tamdeen Investment Co over acquiring its stake in Bahrain-based Ahli United Bank

Kuwait Projects Co started negotiating with Al Tamdeen Investment Co over acquiring its stake in Bahrain-based Ahli United Bank, Al Jarida reported, citing unidentified people familiar with the matter.

Kuwait Projects, also known as Kipco, did not make an official offer yet and is still mulling a suitable value for the deal, the newspaper said. A price of 314 fils ($1.10) a share, which was previously offered by a Qatari investor, “doesn’t suit Kipco,” according to Al Jarida.

Al Tamdeen said on December 2 it failed to sell its stake in Ahli United Bank to a potential buyer by a set deadline. Kipco said it had no comment on the newspaper’s reports when contacted by Bloomberg News on Sunday.

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