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Bahraini investors eyeing stake in BBK

By Agencies


Investors from Bahrain are seeking to buy a significant stake in Bahraini lender BBK from Kuwaiti owners for more than 535 fils per share, a Kuwaiti newspaper reported on Sunday.

The unidentified investors were in talks with major shareholders in the Bahraini lender, Al Watan daily said in an unsourced report.

"The talks are still ongoing and so far the Kuwaiti investors have no wish to sell their BBK stakes," the paper said.

Kuwaiti investment firm Zumorroda Investment wants to raise its stake in BBK to 35 per cent, Al Watan reported.

According to the bourse website, two Bahraini welfare funds own a total of 32.18 per cent of BBK, while Bank of Kuwait and Middle East and KIPCO Asset Management hold stakes of 6.75 per cent and 5.18 per cent, respectively.

Commercial Bank of Kuwait owns 20.17 per cent of the lender, the data showed. CBK had been in talks with potential investors about selling a stake, but had not yet reached a deal, an official said in September. (Reuters)