MANAMA: Ahli United Bank is seeking regional acquisition targets after making a total profit of $212.9 million on the sale of a 29.4 per cent stake in Qatar's Ahli Bank, Bahrain's largest lender said yesterday.
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Ahli United said last month it had agreed to sell the majority of its holding in Qatar's seventh-largest lender by market value to the Qatar Foundation.
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Completing the sale yesterday for a total price of $615.9m, equivalent to 60 riyals ($16.48) per share, Ahli United said the move was forced upon it by regulatory considerations.
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"The decision to sell our stake in Ahli Bank was triggered by our inability due to legal factors to maintain our minority shareholding above the minimum levels required for Ahli Bank to qualify as a strategic core investment," it said in a filing to the Bahrain Bourse.
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