The deal is subject to all regulatory approvals.
Sunday 17, February 2019 BY KUDAKWASHE MUZORIWA
Warba Bank has signed a sale and purchase agreement with Ahli United Bank to acquire shares in Kuwait and Middle East Financial Investment Company (KMEFIC) representing around 76 per cent of the company’s shares, according to Kuwait News Agency.
Shaheen Hamad Al Ghanem, the CEO of Warba Bank, said, “This deal debuts our investment activities in 2019 following the capital increase last year which resulted in strengthen the company’s capital base reaching KWD 285 million.”
In a statement, the lender stated that the share capital increase of 50 per cent was fully covered by shareholders oversubscribing to all shares offered for a total amount of KWD 90 million.
The capital increase is also key in strengthening the bank’s operations and expansion in the corporate sector, added Al Ghanem.
KMEFIC operates within the diversified financial sector, specialising in asset management.