Kuwait – Mubasher: Al Imtiaz Investment Group has completed the sale of its stake in Khaleeji Commercial Bank, which is listed on Bahrain Bourse.
Al Imtiaz has sold 147.11 million shares in the bank at a value standing at BHD 9.56 million or KWD 7.76 million ($25.3 million), the company said in a bourse statement issued on Sunday.
A profit of KWD 3.67 million will be generated from the sale deal, and it will be registered in the financial statements of the fourth quarter ending 31 December, 2016.
Bahrain Bourse announced on Sunday that SHUAA Capital, which is listed on Dubai Financial Market (DFM), is the buyer of Al Imtiaz’s stake in the bank.
On the stock level, Al Imtiaz ended Sunday’s trading session higher with 2.11% at Boursa Kuwait. Khaleeji Commercial ended the session at Bahrain Bourse lower with 5.8%.
