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KFH divests entire Sharjah Islamic Bank stake: Kuwait Finance House (KFH) agreed to sell its entire 18.2% stake in Sharjah Islamic Bank for AED 1.29 bn in an off-market transaction, according to an ADX filing (pdf). The stake sale will see KFH sell its 588.3 mn shares at AED 2.2 per share, according to the statement. The transaction is pending the requisite regulatory approvals.
Who’s buying? Sheikh Sultan bin Mohammed bin Saqr Al Qasimi Foundation is buying 226.5 mn shares (7%), while Sharjah Social Security Fund will get 194.1 mn shares (6%). The rest of the shares — 5.18% — will be bought back by the bank as treasury shares.
