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CBK plans to sell stake in BBK to Zumorroda
DUBAI — Commercial Bank of Kuwait (CBK) plans to sell its stake in Bank of Bahrain and Kuwait to Zumorroda Investment Co, a CBK official said yesterday.
Kuwait's fourth-largest lender by market value is selling its stake of just over 20 per cent at 525 Kuwaiti fils per share, said the official, who did not want to be identified. That would value the transaction at about 71.18 million dinars ($278 million).
Zumorroda Investment's shareholders include Kuwait's Gulf Bank and KIPCO Asset Management Co , according to a profile of the company on the Web site, kuwaitculture.com.
Commercial Bank said yesterday it was in the final stages of talks on selling its stake. It did not name the buyer.
Commercial Bank will reach agreement next week to sell the stake to Zumorroda, Al Qabas newspaper reported yesterday.
The stock closed in Kuwait on Wednesday at 500 Kuwaiti fils and last traded in Bahrain yesterday at 674 Bahraini fils ($1.79). There are 1,000 fils per dinar.
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