Saudi Rajhi Bank in talks over KFH stake
Kuwait, November 15, 2011
Saudi Al Rajhi Bank has begun preliminary talks with private and public sector stock owners of Kuwait Finance House on buying an "influential share", Kuwait's Alrai newspaper reported on Tuesday.
A share price of between 1.2 and 1.4 Kuwaiti dinars has been discussed, the paper said, citing "banking sources".
KFH, the Gulf state's largest Islamic bank, said management had no information of the reported stake buy in a statement to the bourse.
Shares of the company rose 3.4 percent to 920 fils on the Kuwait bourse as at 0635 GMT. The Saudi stock exchange was not open for trading at the time of writing.
The sources did not indicate to the newspaper how large of a share Rajhi Bank is seeking to acquire. - Reuters