Kuwait Portland wants to sell stake in AUB

Kuwait Portland wants to sell stake in AUB
Published: 08 April 2010

Kuwait Portland cement Co said it has authorised Al Tamdeen Investment Co to sell at least half of its stake in Ahli United Bank, Bahrain’s largest bank.

"Portland...has authorised Al Tamdeen Investment Co to sell 15m shares as a minimum of the total shares it owns in Ahli United Bank, which are about 30m shares, for a price of at least $1.10 per share," Portland said in a statement on the Kuwaiti bourse website on Thursday.

The firm said it would make a profit of about KWD3.29m (US$11.4m) if it sells at least half of its stake in the lender.