The Central Bank of Kuwait (CBK) has permitted the Gulf Bank (GB) to practice the right to purchase 10 percent of its own stakes within six months starting from the date of approval, the official BNA news agency reported a senior CBK official as saying.
The Director of CBK’s Control Department, Ibrahm Al-Qadhi told the official KUNA news agency that based on the law of commercial companies and the balance sheet of the Gulf Bank as of December 2001, the bank would be able to buy 60.78 million of its shares representing 7.4 percent of the stakes issued.
GB is Kuwait's second largest commercial bank and previously purchased 21.2 million of its shares worth 13.3 million Kuwaiti dinars ($43 million). The bank announced in January that it recorded an 18.9 percent rise in its annual net profits, reaching 42.1 million Kuwaiti dinars ($137 million) in 2001, compared to $115 million in the previous year 2000. — (menareport.com)
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