|
CBK to purchase Dar Al-Istithmar debts |
|
Sunday, 30 August 2009 22:32 |
|
The Commercial Bank of Kuwait has decided to use surplus funds as a result of a sale of Boubyan Bank shares it owns, to purchase debts owed to it of smaller investors in Islamic finance specialist firm Dar Al Istithmar.
The Commercial Bank's Board of Directors had met Sunday to discuss the future of Boubyan Bank stocks it owns, which are a source of dispute with Dar Al-Istithmar which is currently on trail.
The bank made the decision on the condition that it receives its full rights, and does not receive a price less than the original price of purchase.
Chairman and Managing Director of the CBoK Abdulmajeed Al-Shatti said that the mechanism, in which the purchase will be carried out, will be discussed.
CBoK owns a 19 percent stake in Bank Boubyan, a cause for dispute with Dar Al-Istithmar which has debts to the bank.
Kuna
|
