The Kuwaiti government recently announced that it will sell 45 percent of its stakes in the Bank of Kuwait and the Middle East (BKME), valued at $305 million, reported Taib Securities. The local Burgan Bank and Bahrain’s Ahli United Bank have both shown interest in acquiring the newly available shares.
Potential purchasers can bid for a minimum of 1,000 shares and a maximum of 250,000 shares. The government will give priority to smaller investor groups, officials disclosed.
BKME is one of six Kuwaiti commercial banks listed on the Kuwait Stock Exchange. It recently approved the distribution of 15 percent cash dividends to its shareholders and posted net profits amounting to 15.7 million Kuwaiti dinars ($51 million) in 2001, a 10.5 percent increase compared to 2000. — (menareport.com)
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