Group to Make Offer for Kuwait International Bank

AlQabas reports that a local group of investors is ready to make a bid of KD0.500 per share to the major shareholder (BuKhamseen Group) for its 33% share in the bank as a prelude to securing majority control through purchases on the KSE.  The offer is conditioned on obtaining Central Bank of Kuwait approval.

KIB is the old Kuwait Real Estate Bank which now operates as an "Islamic" Bank.  For the past week or so its shares have been trading in a range of KD0.228 to KD0.248 per share.  So the offer represents a substantial premium over the market price.

As reported earlier here and here, there are some potential financial troubles plaguing Mr. Jawad BuKhamseen, who is the owner of the major shareholder.  I wonder if any of the old shareholding group who left after a falling out with Jawad might be staging a comeback?  The investor group is described as being composed of investment companies, manufacturing companies and individual investors.

Here's a link to KIB's page at the KSE.