Monday, Jun 29, 2009
BEIRUT (Zawya Dow Jones)--The Kuwaiti Ministry of Finance is expected to ask the Kuwait Investment Authority, or KIA, to delay selling its 20%-stake in Boubyan Bank, Kuwait-based Al Seyassah daily reports Monday.
The ministry would take this decision due to pressures from Kuwaiti members of parliament who have objected to the deal on the grounds that KIA is a strategic investor that should support local companies' shares and shouldn't act as a speculator, the paper reports citing people familiar with the matter.
The sources expected the deal to be discarded or the Minister of Finance would be questioned by MPs, the daily reports.
KIA, the country's sovereign wealth fund, plans to sell its Boubyan Bank's stake for an initial price of 550 Kuwaiti fils ($1.91) a share through a public auction on July 22.
Newspaper Web site: www.alseyassah.com
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
29-06-09 0436GMT
