Kuwaiti's International Leasing & Investment Co plans to buy 80 per cent of an Indonesian lender, Al Watan reported on Sunday, citing the Kuwait firm's chief executive officer.
"The company will buy 80 per cent of the lender, while the government [of Indonesia] will retain a 20 per cent stake," Fuad Al Humud said, according to Al Watan. The newspaper did not identify the lender. Kuwait newspaper Al Qabas said the bank complied with Islamic law.
The planned acquisition will be part of an initial agreement International Leasing is expecting next week with regional Indonesian authorities that includes developing infrastructure projects worth more than $5 billion (Dh18.4bn), Humud said, according to Al Watan.
The Kuwait bourse said on its website it had halted trading of the stock, pending clarification of the newspaper reports.
The company could not be immediately reached for comment. (Reuters)
Kuwait firm to buy Indonesia bank