Kuwait-Mubasher: Kuwait International Bank (KIB) said that it is the guarantee agent of the consortium of foreign financial banks and institutions against one of which an unfavourable court order has been issued.
A verdict on mortgage case was passed against an Islamic bank taking part in the alliance which is bidding $200 million for a sukuk deal, KIB said.
In a bourse filing, the Kuwaiti lender stated that its participation in the deal is only valued at $3.5 million, yet also clarified that the money put into this bid whether belonging to KIB or the rest of the participating bidders is not disputed to date.
KIB noted in its filing on Tuesday that the court order will have no financial impact on the bank’s position.
KIB stock retreated 2.8% or 6 fils to settle at 210 fils during Tuesday’s trading session, after nearly 615,200 shares were exchanged for about KWD 130,100.
