Middle East Economic Survey

VOL. XLVII

No 45

8-November-2004

BAHRAIN

REGIONAL BANKING

First Islamic Takes Over $262Mn Water Utility

Bahrain-based First Islamic Investment Bank won the UKs South Staffordshire takeover bid on 27 October, through an offer which includes $262mn in cash and the taking on of $173mn worth of debt, through its specially-created subsidiary AquaInvest. At $20.66 a share, it is contributing a 27% premium to the closing share price on 18 October, the day before South...