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Kuwait Finance House KSCP has sold its entire stake in Sharjah Islamic Bank for approximately 1.29 billion dirhams ($351 million).
The "off-market sale and transfer of shares" agreement for its entire stake in Sharjah Islamic Bank was executed at a price of AED 2.20 per share for over 588 million shares, the Kuwaiti lender said in a regulatory statement on Tuesday.
The shares were sold to the Endowment of Sheikh Sultan bin Mohammed bin Saqer Al Qasimi, the Sharjah Social Security Fund, and Sharjah Islamic Bank.
The transaction is contingent upon the lender obtaining the necessary regulatory approvals.
Kuwait Finance House, which provides Shariah compliant banking products and services, has been focusing on consolidating and expanding in the GCC and the wider regional markets. In July, the lender said it was looking at potential expansion across Saudi Arabia.
In February this year, Kuwait Finance House completed its merger with Ahli United Bank-Kuwait following its $11.6 billion cross-border acquisition of Ahli United Bank-Bahrain in July 2022.
(Writing by Brinda Darasha; editing by Seban Scaria)
