Kuwait Finance House Sells Entire Sharjah Islamic Bank Stake for $351M
Kuwaiti lender sells entire Sharjah Islamic Bank stake through off-market sale to key Sharjah entities for $351 million
Kuwait Finance House Sells Entire Sharjah Islamic Bank Stake for $351M
Kuwaiti finance house KSCP has sold its entire stake in Sharjah Islamic Bank for about 1.29 billion dirhams ($351 million).The Kuwaiti lender said in a regulatory filing on Tuesday that it has executed an “off-market sale and share exchange” deal for all of Sharjah Islamic Bank’s shares for more than 588 million shares at Dh2.20 per share.
The shares were sold to Sheikh Sultan bin Mohammed bin Sagar Al Qasimi’s Endowment, Sharjah Social Security Fund and Sharjah Islamic Bank.
The transaction is subject to the lender obtaining necessary regulatory approvals.
Kuwait Finance House offers Shariah-compliant banking products and services with a focus on consolidation and expansion in the GCC and wider regional markets. In July, the lender said it would likely expand across Saudi Arabia.
The Kuwaiti finance house completed its merger with Ahli United Bank-Kuwait in February this year following the $11.6 billion cross-border acquisition of Ahli United Bank-Bahrain in July 2022.
