Boubyan Shareholders Can List Stock Today for Sale to NBK

Boubyan Bank KSC (BOUBYAN) shareholders who want to sell their stock as part of a 580.6 million-dinar ($2.1 billion) offer by National Bank of Kuwait SAK can list their shares starting today, according to an ad in local newspapers.

Sellers have until July 22 to register at the Kuwait Clearing Co. KSC, according to the advertisement published in Al-Qabas today.

NBK, the country’s largest lender and holder of 47.3 percent of Boubyan, said on June 14 it offered 630 fils a share for the stock it doesn’t own. Boubyan Bank’s board said in a filing to the Kuwait Stock Exchange yesterday that the offer is “fair and appropriate.” The central bank approved NBK’s request to extend the acquisition offer to Oct. 8, the lender said on June 20.

Two analysts recommend investors sell their Boubyan shares. Eight analysts say investors should hold NBK shares, while one has a sell rating on the stock.

To contact the reporter on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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