|28 January, 2020

Boubyan Bank raises stake in BLME Holdings to 67%

BLME Holdings will become a subsidiary of Boubyan Bank

Image used for illustrative purpose. Salem Al-Mieh (L) and Jassem Al-Kandari work the phones at a brokerage firm in the Kuwait stock exchangeDecember 1, 2002 in Kuwait City, Kuwait. With the possibilities of war in Iraq looming investors are unsure what that will do to the market.

Image used for illustrative purpose. Salem Al-Mieh (L) and Jassem Al-Kandari work the phones at a brokerage firm in the Kuwait stock exchangeDecember 1, 2002 in Kuwait City, Kuwait. With the possibilities of war in Iraq looming investors are unsure what that will do to the market.

Getty Images/Joe Raedle

Kuwait -Boubyan Bank announced that it has received approvals from around 39.5% of the Bank of London and The Middle East Holdings (BLME Holdings) shares for its acquisition offer.

As of 27 January, Boubyan received valid approvals from 73.26 million BLME shares for the recommended all-cash acquisition offer, according to a bourse statement on Tuesday.

Boubyan Bank’s newly-acquired and existing shares will represent about 67.44% of BLEM Holdings' common and issued capital stock.

Accordingly, the Kuwait-based bank revealed that conditions to the offer have been fulfilled or waived, adding that the offer became unconditional to all parties.

The offer will remain open to approvals until 19 February 2020 or any following date the bank determines and will be subject to approvals from the UK Panel on Takeovers and Mergers and the Dubai Financial Services Authority (DFSA).

The transaction’s material impact will reflect on Boubyan's financial statements starting from the first quarter (Q1) of 2020, in which BLME Holdings will be included as a subsidiary of Boubyan Bank.

Translated by: Amal A. Wahaab

Source: Mubasher

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