UAE’s financial services firm Shuaa Capital recently made a public announcement that the company has bought a 14% stake in Bahrain’s Khaleeji Commercial Bank (KHCB) for $25.4 million. The company announced that it would use the stake to support the bank’s expansion.
The stake was purchased from Alimtiaz Investment Group for 0.065 dinar per share, acquiring 147.1 million shares in a special auction, the Bahraini bourse reported.
KHCB is an Islamic retail banks, and considered to be one of the fast growing commercial banks in the region, with a paid up capital of BD105 million ($278.48 million) and total assets of BD709 million. Its biggest shareholder is Bahraini Islamic investment firm GFH Financial Group, which has said it aims to list KHCB in Dubai.
“It is with no doubt that the shareholders’ value will see substantial growth if KHCB obtains final approvals to list on the Dubai Financial Market,” Shuaa’s chairman Jassim al-Seddiqi said in a statement.
Abu Dhabi Financial Group (ADFG) bought a 48.36% stake in Shuaa last month, leading to speculation that the investment bank could form a central part of ADFG’s financial industry strategy for the Gulf.
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