VOL. XLVII

No 09

01-March-2004

KUWAIT

REGIONAL BANKING

KIPCO Swaps BKME Stake For Shares In National Mobile Telecom Company

Kuwait Projects Company (KIPCO) on 22 February swapped its 28.7% stake in Bank of Kuwait and the Middle East (BKME) in exchange for Kuwaiti investor Mahmud Haydars share in National Mobile Telecom Company (Wataniya) in a deal valued at KD142mn ($483mn). As part of the deal KIPCO needed to buy more than the 9% share of Wataniya held by Mr Haydar and other investors. The 42.5mn...