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22 April 2024

Kuwait's Global to raise stake in BBK

By Agencies


Kuwait's Global Investment House said on Wednesday it plans to raise its stake in Bank of Bahrain and Kuwait after buying an 8.81 per cent of the Bahraini lender.

Global said in a statement on the Kuwait bourse website that it was waiting for Bahraini regulatory approval without saying how big was the stake it planned to buy.

Al Qabas newspaper said last week that Global has acquired 9.3 per cent of the Bahrain-based lender. It did not disclose the source of the report.

Global's statement was issued in response to the report.

Global's shares, up more than 15 per cent this year, were suspended for about 50 minutes pending clarification of the news, the bourse said earlier. (Reuters)