Mubasher: The sale of certain assets in Bahrain-based Ithmaar Holding to Bank of Bahrain and Kuwait (BBK) has been cancelled, as both parties have not reached amicable terms and conditions.
Following preliminary due diligence and discussions, Ithmaar Holding and BBK have not agreed on terms and conditions that would maximise their shareholders’ interests, according to a recent bourse filing.
On 14 September 2020, Ithmaar and BBK entered into a Memorandum of Understanding (MOU) for the purpose of a possible acquisition by BBK of certain assets from Ithmaar.
The deal included the acquisition of specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding, by BBK.
It is noteworthy to mention that during the first three months of 2021, the company reported net profits attributable to the equity holders of $8.861 million, against net losses of $22.584 million in the year-ago period.