Kuwaiti firm to raise stake in Meezan Bank

Kuwait's Noor Financial Investment Company plans to raise its stake in Pakistani Islamic lender Meezan Bank to 42 per cent from 35 per cent, its managing director said yesterday.

"It's about $20 million (Dh73.4m)," Naser Al Marri said when asked about the cost of the purchase, adding the move would require the approval of Pakistan's central bank.

Marri also said Noor's telecommunications unit was expected to start operating in the fourth quarter and to list its shares in Dubai next year and in Kuwait in 2011 after a share offer.

NoorTel said in April it planned to raise $203m in an initial public offering to set up a company compliant with Islamic law, Shariah, investing in the Middle East telecommunications sector.

Marri said 95.2 per cent of NoorTel's subscriptions book had been filled ahead of the close of the offer on June 29.