Wednesday, September 15, 2010

All in the Family: UGB to Seek Central Bank of Kuwait Permission for Additional Three Months to Buy Burgan Bank Shares


(Readers are invited to select the photo they believe 
most appropriate in the context of this news item.)

You'll recall that motivated by impeccable almost geometric logic, UGB had decided earlier that it was a wise investment indeed to acquire a large chunk of Burgan Bank's shares. (Additional posts can be accessed using the tag "UGB").

UGB had obtained Central Bank of Kuwait approval which expired  4 September. It now reportedly will seek a three month extension as we learn from Al Watan citing informed sources.

To help the two parties consummate this "marriage", KIPCO will manage the contract which could include it kindly selling some of its own shares to UGB or "collecting" shares (presumably from the market).

There are no values like family values. 

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