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Mon 23 Jul 2012 03:07 PM

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Kuwait's NBK Capital buys Turkish animal pharma stake

Investment arm of Gulf state's largest lender acquires 50 percent shareholding in Bavet

Kuwait's NBK Capital buys Turkish animal pharma stake

National Bank of Kuwait's (NBK) investment arm NBK Capital said Monday it had acquired a 50 percent stake in Turkish animal pharmaceuticals distributor Bavet.

“The capital will be used to finance Bavet’s significant expansion plans and enhance its corporate infrastructure,” NBK Capital said in a statement today, Bloomberg reported.

Financial terms of the deal were not disclosed.

NBK, Kuwait's largest lender, last week reported a 41.6 percent slump in quarterly profit to US$140.2m.

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