Mubasher: Ahli United Bank – Bahrain and Ahli United Bank – Kuwait have signed an agreement to sell their stakes in Kuwait and Middle East Financial Investment (KMEFIC), according to a bourse statement released on Tuesday.

Both banks hold 196.1 million of KMEFIC’s shares, which will be sold to Hamad Saleh Al Thekair at a price of 58.04 fils per share. 

The deal will be subject to all regulatory approvals and fulfilling conditions of the signed agreement.

The banks noted that the transaction will have no “material” impact on their financial statements.

AUB Bahrain posted a 5.6% year-on-year increase in net profit attributable to its equity shareholders for the first half of 2019, recording $377.5 million.

AUB Kuwait achieved an 8.8% year-on-year increase in profits during the second quarter of 2019, registering $43.51 million.