Thursday, Apr 26, 2012
BEIRUT (Zawya Dow Jones)--Kuwait's Boubyan Bank (BOUBYAN.KW) said Thursday it has signed a contract to sell part of its investment in Bank Muamalat Indonesia for about 9.6 million Kuwaiti dinars ($34.55 million).
Boubyan said it expects to realize a profit of KWD5.7 million on the sale that it will use to create additional allocations and to strengthen its financial position, according to a statement posted on the Kuwaiti bourse website. It didn't reveal the fraction of the stake that will be sold and the buyer's name.
Boubyan's current stake in the Indonesian Islamic bank is about 25%, according to Zawya.com data.
Earlier this month National Bank of Kuwait, the Arab Gulf state's largest lender, said it received the central bank's approval to boost its stake in Boubyan Bank to 60% from 47.29%.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
26-04-12 0924GMT
