Dubai Holding eyes TAIB stake
Manama, May 28, 2007
Dubai Holding is in talks to buy a controlling stake in Bahrain's TAIB Bank, officials at the investment bank said.
TAIB said on May 17 it was considering selling a controlling stake to an investor and asked the bourse to suspend trading of its shares. It did not identify the suitor.
Two TAIB officials, fund administrator Khalil Rasool and portfolio analyst Batool Al Hussaini, said that it was Dubai Holding.
TAIB, established as a private bank in Bahrain in 1979 and listed on the bourse since 1994, specialises in wealth management and investment banking. Shares of the bank rose 14.3 per cent in the six trading days to May 13.
It posted a fourth-quarter profit of $5.1 million (BD1.9m), up from $2.3m a year earlier. Its profit in 2006 increased nearly 20pc to $22.4m.
The bank had announced the profitable sale of two US properties for $67.4m in the fourth quarter. - Reuters