Mubasher: Warba Bank is still in negotiations with Bahrain's Ahli United Bank (AUB) and Ahli United Bank - Kuwait (AUB Kuwait) to purchase their shares in Kuwait and Middle East Financial Investment (KMEFIC).
No final agreement has been reached concerning the deal amount, the Kuwait lender said in a statement to Boursa Kuwait on Monday, negating reports saying that the expected value of the deal is KWD 10 million.
The share price currently being negotiated is near the book value of the share standing at about 52 fils, sources told Al Qabas newspaper, indicating that the value of the combined stake of the Bahraini lender and AUB Kuwait is estimated at KWD 10 million.
It is worth mentioning that AUB and AUB Kuwait have a 74.3% stake in KMEFIC, while Bahrain’s AUB has a 67.33% stake in AUB – Kuwait.
Boursa Kuwait revealed on Sunday that Warba Bank was in talks with the two banks over acquiring their stake in KMEFIC.
KMEFIC’s stock fell 2.35% to close at 49.8 fils at Monday’s session, after trading 213,800 shares with a turnover of KWD 10,500.
