Kuwait's Boubyan Bk Receives Offer From NBK in Stake Raise Push

Wednesday, Jun 20, 2012

(This story was originally published Tuesday)

BEIRUT (Zawya Dow Jones)--Kuwait's Boubyan Bank (BOUBYAN.KW) said National Bank of Kuwait (NBK.KW) has offered 0.630 Kuwaiti dinar ($2.25) a share as the country's largest bank by market value looks to increases its stake in the shariah-compliant lender to 60%, from 47.29%.

Boubyan Bank, in a statement posted on the Kuwait bourse website Tuesday, said it will study NBK's offer and will issue a proposal to shareholders as well as a response to the country's capital markets authority, or CMA.

NBK, Kuwait's largest bank by market value, said in April that the central bank had approved its plan to increase its stake in Boubyan to 60% from 47.29%. Last week, the CMA approved its offer.

Boubyan's shares, which were temporarily suspended last week due to the planned acquisition, resumed trading Monday. They ended Tuesday up 1.6% at KWD0.63, while NBK shares closed 2% higher at KWD1.040.

By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com

(END) Dow Jones Newswires

20-06-12 0338GMT