World Bank unit acquires AUB shares
Manama, October 22, 2013
Bahrain’s Ahli United Bank (AUB) said the International Finance Corporation (IFC), the World Bank’s private sector arm, has bought 167 million shares in the lender as part of conversion of its preference shares in the bank to equity.
The kingdom’s largest lender by market value, AUB said the shares were converted at a price of 74.8 US cents per share, giving IFC a 2.95 per cent shareholding in the bank.
The conversion price represents a 10 per cent premium to the bank’s closing market price as of October 10, AUB said in a bourse statement yesterday.-Reuters