Following rumors from last week Commercial Bank of Kuwait (CBK) officially announced its offer to boost its stake in Syria’s Cham Bank by buying the Investment Dar shares. On Sunday a newspaper said that Investment Dar had agreed to sell its 12.5% stake in Cham to CBK, which offered 700 lira ($15.32) per share. Commercial Bank of Kuwait already owns 27%.
“These are all speculation. There’s still no fixed price nor details… We have an offer (from CBK) yes… but there’s no price or details yet… Now it is at the studying stage. I expect within two weeks to reach a ground we can decide on… They are very preliminary talks, might happen, might not happen. We might get other offers… but because CBK has the biggest stake (in Cham), they could be more interested.”
- Amr Abou El-Seoud, Executive Vice President
Amr Abou El-Seoud confirmed Dar owns a 12.5% stake in Cham Bank, which was established in 2006 with capital of 5 billion Syrian pounds ($97.85 million), but said there was no decision yet on whether it would sell its entire stake.
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