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Ithmaar Bank buys 25.38% stake in BBK.

Byline: Mahmood Rafique

MANAMA: Ithmaar Bank BSC, a Bahrain-based investment bank with a global reach, has acquired 25.38 percent stake in the Bank of Bahrain and Kuwait (BBK) and became a major shareholder in the bank.

Together Ithmaar Bank and Global Investment House (Global), headquartered in Kuwait and a listed company on Bahrain bourse, bought 15.47 million shares of BBK worth 11 million Bahraini dinars.

The transactions were part of a formula agreed earlier between Ithmaar Bank and Global aimed at balancing out their shareholding stakes in the BBK.

According to the two transactions took place separately at the Bahrain Stock Exchange (BSE), Ithmaar Bank bought 7.75 million shares worth BD5.5 million.

In other transaction 7.72 million BBK shares valued at BD5.48 million were bought by Global. The ownership of the major shareholder in BBK shares after execution Global holds 18.91 percent of BBK shareholding.

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Publication:Arab News (Jeddah, Saudi Arabia)
Date:Aug 10, 2008
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