Investment Dar is looking to sell its stake in Syrian Islamic lender Cham bank but has yet to reach a deal. An unsourced report surfaced today stating that the firm ‘had agreed’ to sell its 12.5% to Commercial Bank of Kuwait (CBK). Investment Dar was forced to accept or deny the statement prior to this mornings stock market opening, inwhich the company stated, “The issue is still in the process of being studied, submitting requests to regulatory bodies and approval of the firm’s board.” It gave no more details.
Interesting Notes:
- In the previous unsourced statement Dar Investment was was said to gain KD 2 million on the sale
- Commercial bank of Kuwait previously showed intent of raising its stake in Cham bank to 30% from 10%
- CBK has raised its stake to 27%, this year, buy purchasing shares from Syrian & Kuwaiti investors
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