Commercial Bank of Kuwait, Kuwait's fourth-largest lender by market value, said on Tuesday it would sell its 19.1 per cent stake in Bahrain's BBK for $274.4 million.
Commercial Bank would make a gain of 22.15 million dinars from the stake sale, set to take place on February 18, it said in a statement on the Kuwait bourse website, without naming the buyer.
Kuwait daily al-Watan reported on Tuesday that Commercial Bank and Burgan Bank would sell their stakes in BBK to Kuwaiti investment bank Global Investment House. The paper did not give a source.
Commercial Bank said it would sell 147.64 million shares in BBK for at least 700 Bahraini fils each. BBK shares closed at 671 fils on Monday. (Reuters)
Kuwait's CBK to sell BBK stake for $274m