Global Investment to Sell Stake in Al-Salam Bank

Global Investment House KSCC, Kuwait’s biggest investment bank by assets, plans to sell a 14.1 percent stake in Al-Salam Bank in a June 11 auction to reduce its holdings.

The sale of shares in the Bahrain-based Islamic lender will be held on the Bahrain Stock Exchange at a “minimum acceptable” price of 140 Bahraini fils (37 cents) per share, Global said in a statement on the Kuwait Stock Exchange Web site today.

The company expects 6.4 million dinar in profit from the sale of its 162,889,333 shares. The gain will be included in Global’s second-quarter financial statement.