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Article: NBK snaps up 13% Boubyan stake.(National Bank of Kuwait and Boubyan Bank)(Brief article)
- Article from:
- Saudi Economic Survey
- Article date:
- July 30, 2009
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National Bank of Kuwait (NBK) bought a 13.2 per cent stake in Boubyan Bank for $295 million in an auction, becoming the largest shareholder in the Islamic lender.
Kuwait Investment Authority (KIA), the Gulf Arab state's sovereign wealth fund, was selling its 19.8 percent stake in Boubyan, or 231 million shares, in an auction in which Securities Group Company also competed.
KIA, which manages the Opec member's massive oilgenerated assets, is a major shareholder in many Kuwaiti firms including heavyweight Mobile Telecommunications Company (Zain) and Kuwait Finance House.
NBK bought 154 million shares at 550 fils per share for a total of 84.7 ...