Kuwaiti investors to sell 25pc of Bahrain bank

07/04/2010 00:00 AST

Kuwait's Tamdeen Investment Co said yesterday it had agreed with other investors to sell a 25 per cent stake in Bahrain-based Ahli United Bank (AUB) for $1.35 billion. In a statement on the Kuwait Stock Exchange website, Tamdeen did not disclose the identity of the buyers but said they were from the Gulf region.

Local newspapers reported they were Qatari investors. Tamdeen said the deal would be finalised within 60 days. The listed company said it would sell its 8.9 per cent stake in AUB while other investors had committed to selling 16.1 per cent, or a total of 1.23 billion shares at $1.10 a share. Tamdeen said its profits from the transaction are estimated at $340 million.

AUB is a full fledged commercial and investment banking group that holds major stakes in banks in Britain, Kuwait, Oman, Qatar, Egypt and Iraq.


AFP

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