Tagged: Arab Times

Kuwait’s Alafco picks Deutsche to ‘advise’ on its London listing – Timing of GDR and amount still unknown

Islamic Finance

Kuwait’s Alafco picks Deutsche to ‘advise’ on its London listing – Timing of GDR and amount still unknown

Kuwaiti aircraft leasing company Alafco has hired Deutsche Bank to advise it on a potential sale of global depositary receipts (GDRs) in London. The bank is looking at Alafco’s operations to ensure it is ready for the additional scrutiny that comes with a London listing. The timing of the GDR sale and the amount, if any, that a listing could raise were still unknown. Alafco made a profit of 25.6 million dinars ($89.7 million) in its last financial year ended on Sept. 30, 2012, a 45 percent decline from the previous year.

Deal to help NBB expand into Islamic banking

Islamic Finance

Deal to help NBB expand into Islamic banking

The National Bank of Bahrain (NBB) and a local pension fund will buy a 51.6-percent stake in Bahrain Islamic Bank. As part of the deal, NBB and Social Insurance Organization Asset Management Company, a unit of pension fund Social Insurance Organization, will each take a 25.8-percent stake in Bahrain Islamic for 72 fils per share. Based on Bahrain Islamic’s total outstanding shares, the value of the deal is about 34.9 million dinars ($92.57 million). The transaction will provide NBB an opportunity to expand into Islamic banking.

KFH plans to invest in alternative power

Islamic Finance

KFH plans to invest in alternative power

AGM for Investment Sector Abdul Nasser Al-Subeih announced that Kuwait Finance House (KFH) plans to invest in alternative power and is currently considering some projects in that new field.

However, he denied that such an approach would contradict with the nature of Kuwait and other GCC countries as oil producers. KFH has participated in most significant power production projects in the Gulf, such as Al-Shuweihat, Al-Had, Om Al-Nar, and others.