GIH issued a press release on the Kuwait Stock Exchange to deny reports in the local press that it had concluded a deal with Arab African International Bank Egypt (in which the KIA owns roughly 50%) to sell its Egyptian real estate subsidiary to AAIB.
First, it rejected the idea that the sale was part of a "quid pro quo" for AAIB agreeing to join the rescheduling. It also noted that AAIB had told one of the Egyptian newspapers that the transaction was not related.
Second, it noted that discussions were in a preliminary stage and that no deal had been concluded.
As part of the restructuring, GIH is selling assets to repay its debt so this transaction is expected. What would be interesting to know is whether these negotiations are the result of a bidding process that AAIB won or AAIB is the only interested bidder. Or if AAIB is a preferred bidder. If the latter, then there may be something to the "quid pro quo" story.
The KSE announcement (Arabic text only) is below.
[9:0:57] ِ. ايضاح من (جلوبل) بخصوص ما نشر في احدى الصحف المحليه امس
يعلن سوق الكويت للأوراق الماليه انه قد ورد اليه الان من شركة
بيت الاستثمار العالمي (جلوبل) انها تود أن توضح بخصوص ما نشر في
احدى الصحف المحليه امس حول تخارج بيت الاستثمار العالمي (جلوبل) من
حصته في بيت التمويل للتمويل العقاري المصري تود الشركة ان توضح ما يلي:
ِ1- ان تخارج (جلوبل) من شركة بيت التمويل للتمويل العقاري لصالح البنك
العربي الافريقي الدولي ضمن تسوية ديون هو خبر غير صحيح .
ِ2- ان المفاوضات مازالت في مراحلها الاوليه .
ِ3- في تصريح لجريده مصريه نفت مصادر بالبنك العربي الافريقي الدولي وجود
اى علاقه بين عملية الاستحواذ و تسويه المديونيات المستحقه للبنك على
شركة (جلوبل) .
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