Kuwait's Noor to boost stake in Pak lender
Kuwait, June 23, 2008
Kuwait's Noor Financial Investment Company plans to raise its stake in Pakistani Islamic lender Meezan Bank to 42 per cent from 35 per cent, its managing director said on Monday.
'It's approximately $20 million,' Naser al-Marri told Reuters when asked about the cost of the purchase, adding the move would require the approval of Pakistan's central bank.
Marri also said Noor's telecommunications unit was expected to start operating in the fourth quarter and to list its shares in Dubai next year and in Kuwait in 2011 after a share offer.
NoorTel said in April it planned to raise KD53.9 million ($203 million) in an IPO to set up a company compliant with Islamic law investing in the Middle East telecommunications sector.
Marri said 95.2 percent of NoorTel's subscriptions book had been filled ahead of the close of the offer on June 29.
He said the telecoms company would invest about KD80 million and would team up with France Telecom in various projects in emerging markets.-Reuters