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04 March 2024

Kuwait's CBK to sell BBK stake for $274m

By Agencies


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)