UAE's Tabarak given more time to close UAB stake buy- sources | ZAWYA MENA Edition:
"United Arab Emirates-based Tabarak Investment has been granted more time to secure the financing it needs to buy Qatar's Commercial Bank's 40 percent stake in Abu Dhabi-listed United Arab Bank UAB.AD , sources said on Monday. An exclusivity agreement granted to the private equity firm to finalise the purchase expired on Monday, the sources told Reuters. Based on UAB's current market capitalisation, the 40 percent stake held by Commercial Bank - Qatar's third largest bank by assets - is worth around 1 billion dirham ($270 million)."
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