NBK Capital buys stake in Turkish firm
Kuwait, December 27, 2010
NBK Capital, an investment fund owned by National Bank of Kuwait (NBK), on Monday said it acquired a 20 per cent stake in Turkish aquaculture firm Kilic Deniz.
The investment banking unit of NBK did not specify a value for the deal.
"We will continue to execute on Kilic's proven strategy and provide the necessary support to solidify its position as a regional leader," Amjad Ahmad, senior managing director at NBK Capital said in a statement.
Kilic's chairman Orhan Kilic stated that proceeds from NBK stake sale will be used for expansion and capital funding.
The deal is NBK Capital's fifth investment in Turkey, the statement said.
In June, the investment fund of Kuwait's biggest lender acquired a 30 per cent stake in Turkey's World Eye Hospital Group, and said it would eventually hold a public offering in the company. – Reuters
More Finance & Capital Market Stories
- More support for Islamic banking urged
- Bahrain to set new takaful rules by year-end
- Oman fiscal surplus widens to $1.4bn
- Al khaliji opens new branch in Doha
- Bayzat launches online DBR calculator
- Dubai bourse tops 3,000 for first time in 5 years
- Bahrain mulls solvency rules for Takaful industry
- LuLu Exchange opens 3rd branch in Bahrain
- Saudi economic growth picks up in Q3
- GIH picks ex-Barclays banker as investment head