Mubasher: Warba Bank on Monday confirmed presenting a non-mandatory offer to buy a major stake in Global Investment House (Global).
The Kuwait-based bank will complete the process after receiving the approvals of its board, the Central Bank of Kuwait and the Capital Markets Authority (CMA), according to a filing to Boursa Kuwait.
The bank intends to acquire the majority stake in Global Investment, which represents 70%, with a total cost of KWD 10 million, according to Al-Rai Newspaper.
By 10:07 am Kuwait time, Warba Bank’s stock stood at 238 fils.
