KUWAIT-- Kuwait Finance House (KFH), better known as Baitak, announced Thursday that the KFH Group' entire stake in the UAE's Sharjah Islamic Bank amounting to 588,304,755 shares of the bank's total shares (representing 18.18 percent), has been sold.

The stake sale will have an impact on the KFH Group's financial statements in the fourth quarter of 2024, the bank said in a disclosure on Boursa Kuwait's website, adding that the move is expected to have an immaterial effect on the Group's income statement.

Baitak was established in 1977 and listed on Boursa Kuwait in 1984. Its authorized capital hits KD 1.7 billion (around USD 5.18 billion). 

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