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Warba Bank buys AUB Bahrain’s equity in KMEFIC for KWD 10m

Warba Bank buys AUB Bahrain’s equity in KMEFIC for KWD 10m
Warba Bank closed Sunday’s session 0.46% lower at 217 fils
WARBABANK
WARBABANK
-1.98% 248.00 -5.00
AUB
AUB
-0.22% 0.92 -0.00
KMEFIC
KMEFIC
0.55% 55.30 0.30

Mubasher: Warba Bank has signed an agreement with Ahli United Bank – Bahrain (AUB Bahrain) and its subsidiary in Kuwait to purchase their shares in Kuwait and Middle East Financial Investment (KMEFIC).

Warba Bank will buy 196.35 million shares that represent an equity of 75.72% in KMEFIC for 52.065 fils per share or KWD 10.22 million ($33.7 million), according to a bourse disclosure on Sunday.

Kuwait’s AUB previously announced that its equity in KMEFIC includes 130.72 million shares that represent 50.41% in KMEFIC’s capital.

At the stock level, Warba Bank closed Sunday’s session 0.46% lower at 217 fils.