Thursday, Feb 28, 2013
BEIRUT (Zawya Dow Jones)--U.S.-based Odyssey Reinsurance Co., or OdysseyRe, said it has increased its stake in Jordan Kuwait Bank (JOKB.AJ), or JKB, to 5.85% by acquiring an additional 1.05 million shares in the Jordanian lender.
OdysseyRe, an underwriter of reinsurance and specialty insurance wholly owned by Canada's Fairfax Financial Holdings Limited, didn't disclose the deal's value in a statement posted on the Amman bourse website on Thursday.
OdysseyRe's stake in JKB was 4.8% before the acquisition, according to Zawya.com data.
JKB's total assets stood at 2.34 billion Jordanian dinars ($3.3 billion) at the end of September. The bank is nearly 51% owned by Kuwait's Burgan Bank (BURG.KW) which is a unit of Kuwait Projects Co. (Holding) (KPROJ.KW), or Kipco.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
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(END) Dow Jones Newswires
28-02-13 1130GMT
