On 9 October, FIMBank plc issued an announcement in relation to various reports in the local and international media regarding an approval received by Burgan Bank S.A.K. from the Central Bank of Kuwait to acquire 25% in the Bank. FIMBank explained that this related to the proposed takeover by Burgan Bank as announced on 13 March. Burgan Bank first intends to acquire the shareholding of the currently largest shareholder Massaleh Investments K.S.C.C. and subsequently inject further equity into the Bank in order to increase its stake over 50%.
FIMBank explained that it will issue further announcements as soon as it has any new information relevant to these developments.