Global sold 119 million shares at a price of BD0.5 per share ($1.3 per share).
The sale resulted in positive cash inflows of KD43.6m ($158m).
The sale of the stake in BBK is in par with Global's strategy to reduce the size of its principal investment book by at least a third from KD1bn ($3.7bn as of September 30th, 2008) in a year's time frame. Global intends to enhance its business model to cope with the current market situation and benefit from future opportunities by focusing its energies on fee generating lines of business, namely Asset Management, Investment Banking and Brokerage.
It is worth mentioning that during the first nine months of 2008 which ended on September 30th, 2008, fee based income recorded a 137% growth to reach KD44m ($160m). The BBK sale resulted in a loss of KD18m ($65m) which will be reported in the 2008 financial results.
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Global receives positive cash inflows of KD43.6m after selling its BBK share
- Kuwait: Wednesday, December 10 - 2008 at 12:14
- PRESS RELEASE
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Global Investment House (Global) announced that it has sold its 14.7% share in the Bank of Bahrain and Kuwait (BBK), a retail bank incorporated in the Kingdom of Bahrain.
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Posted by Siba Sami AmmariWednesday, December 10 - 2008 at 12:14 UAE local time (GMT+4)
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About Global Investment House "Global":
Global Investment House "Global" is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, Dubai and London Stock Exchanges. Global plays an important role in promoting investment opportunities in the MENA region to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global's achievements have been recognized on local, regional, and international levels. The company's current assets under management reached KD2.7bn ($10.2bn) by 30th September 2008.
For further information please contact:
Nazem Y. Al-Ghabra
Media Relations Executive
Marketing and Communications Department
Global Investment House- Kuwait
Operator: +965 2295 1000, ext 1628
Direct: +965 2295 1628
Fax: +965 2295 1638
P.O. Box 28807 Safat, 13149 Kuwait
Global Investment House "Global" is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, Dubai and London Stock Exchanges. Global plays an important role in promoting investment opportunities in the MENA region to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global's achievements have been recognized on local, regional, and international levels. The company's current assets under management reached KD2.7bn ($10.2bn) by 30th September 2008.
For further information please contact:
Nazem Y. Al-Ghabra
Media Relations Executive
Marketing and Communications Department
Global Investment House- Kuwait
Operator: +965 2295 1000, ext 1628
Direct: +965 2295 1628
Fax: +965 2295 1638
P.O. Box 28807 Safat, 13149 Kuwait
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