KFH sells 18 percent stake in Sharjah Islamic Bank for USD352.36M

(MENAFN) Kuwait Finance House (KFH) Group has reached a major agreement to sell its entire stake in Sharjah Islamic Bank for AED 1.294 billion, equivalent to USD 352.36 million. Under this agreement, KFH will transfer 588.3 million shares, which represent 18.18 percent of Sharjah Islamic Bank's total shares. This transaction is outlined in a statement to the Kuwaiti Stock Exchange, and it is noted that the completion of the sale is subject to receiving the necessary approvals from relevant regulatory authorities, in accordance with legal procedures.

The shares involved in this transaction are being sold at a price of AED 2.20 per share. The buyers of these shares include the Sheikh Sultan bin Mohammed bin Saqr Al Qasimi Endowment, the Sharjah Social Security Fund, and Sharjah Islamic Bank itself. This sale signifies a notable shift in KFH’s investment strategy, as it involves a significant reallocation of its assets and reflects a broader strategic realignment of its portfolio.

This move by KFH Group highlights a strategic adjustment in its investment holdings, aiming to optimize its asset base and focus on other potential investment opportunities. The sale not only affects KFH’s investment portfolio but also involves key institutional players in the region, potentially influencing the dynamics of investment and ownership within the financial sector in Sharjah.

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