Region's M&As level up 39% during Q1 2019

The Saudi market topped the GCC

  
Saudi traders monitor stocks at a Saudi Bank in Dammam October 26, 2008.

Saudi traders monitor stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer

Mubasher: The number of merger and acquisition deals (M&As) in the GCC grew 39% year-on-year (YoY) during the first quarter of 2019.

The Saudi market topped the Arabian Gulf markets in terms of M&As in Q1-19, according to a report released by Kuwait Financial Centre (MARKAZ) on Saturday.

In January, Kuwait Finance House (KFH) said it gave initial approval for the average of stock exchange with AUB Bahrain at a rate of 2.33 shares of AUB’s in return for one share in KFH.

Abu Dhabi Commercial Bank (ADCB), listed on Abu Dhabi Securities Exchange (ADX), announced last month that its general assembly approved its merger with Union National Bank(UNB).

As per MARKAZ’s report, the industrial, financial, and consumer sectors in the GCC accounted for 62% of M&As in the region during the first three months of 2019.

Source: Mubasher

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