Ahli United says Gulf buyer eyes 25pc stake
Dubai, April 6, 2010
Ahli United Bank, a leading Bahrain-based bank, said a Gulf entity had agreed to buy a 25 per cent Ahli stake from Kuwait's Tamdeen investment firm and other shareholders, sending shares in both firms soaring.
AUB, whose shares have rallied in recent days amid media reports of the stake sale, said a unit of real estate firm Tamdeen and others had agreed to sell the stake, a move that would form the single largest shareholder in the bank.
The statement did not name the buyer.
'An agreement has been reached with the buyer stipulating that the company and other shareholders agree to sell a stake totalling 25 per cent in Ahli United Bank within 60 days,' AUB said in a statement on the Bahrain bourse website.
AUB had a market value of $3.6 billion as of Monday, according to Reuters data.
Ahli United Bank's Bahrain listing ended 6.7 per cent higher on Tuesday, taking its gains to 33 per cent since March 28 as rumours of a stake sale spurred investors to buy into the stock. Its Kuwait listing rose 4.6 per cent and was up 29 per cent over the same period.
Tamdeen was up 8.2 per cent.
'With regard to reports published ... on Tamdeen selling its stake in Ahli United Bank, ... the company received an offer from a Gulf entity to buy its stake and that of other shareholders,' AUB said. 'The company has accepted this offer.' – Reuters