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MarketScreener Homepage  >  Equities  >  Bahrain Bourse  >  Ahli United Bank B.S.C.    AUB   BH0005508765

AHLI UNITED BANK B.S.C.

(AUB)
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Kuwait Finance House offers 17 percent premium in merger deal with Bahrain's AUB

01/24/2019 | 08:55am EST

DUBAI (Reuters) - Kuwait Finance House agreed the terms of its merger with Bahrain's Ahli United Bank, the two banks said in a statement on Thursday, ahead of the first major cross-border bank deal in the Gulf region.

Bahrain's Ahli United Bank and Kuwait Finance House have been in merger talks since mid-2018 and the banks said in an update that their boards have now agreed that the Kuwait lender will offer one share for every 2.326 AUB shares.

The statements by the two banks did not provide the share price for the exchange ratio, but based on KFH's current share price of 0.623 dinars it values AUB at $7 billion(5 billion pounds), above its current market capitalisation of $6 billion, according to Refintiv data and Reuters calculations. That represents a 17 percent premium on the AUB share price.

Shares of AUB closed up 2.7 percent and KFH were down 0.8 percent.

Bank mergers picked up pace in the region after two of the United Arab Emirates' biggest banks linked up to create First Abu Dhabi Bank last year.

The Bahraini and Kuwaiti lenders said the deal is subject to completion of due diligence and required approvals by regulators.

The valuation report was prepared by HSBC and Credit Suisse, they said.

(Reporting by Saeed Azhar; Editing by Elaine Hardcastle)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AHLI UNITED BANK B.S.C. 0.00% 0.711 End-of-day quote.-6.45%
CREDIT SUISSE GROUP AG 0.70% 12.255 Delayed Quote.6.75%
FIRST ABU DHABI BANK P.J.S.C. 0.53% 15.06 End-of-day quote.16.74%
HSBC HOLDINGS PLC -0.84% 408 Delayed Quote.8.61%
THE COMMERCIAL BANK (P.S.Q.C.) -0.43% 4.401 End-of-day quote.0.02%
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Financials (USD)
Sales 2020 1 065 M - -
Net income 2020 482 M - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 3,80%
Capitalization 6 862 M 6 862 M -
Capi. / Sales 2020 6,44x
Capi. / Sales 2021 5,87x
Nbr of Employees -
Free-Float 57,6%
Chart AHLI UNITED BANK B.S.C.
Duration : Period :
Ahli United Bank B.S.C. Technical Analysis Chart | AUB | BH0005508765 | MarketScreener
Technical analysis trends AHLI UNITED BANK B.S.C.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 0,86 $
Last Close Price 0,71 $
Spread / Highest target 21,0%
Spread / Average Target 21,0%
Spread / Lowest Target 21,0%
Managers and Directors
NameTitle
Adel Mohamed Abdul Shafe El-Labban Group CEO, Executive Director & Managing Director
Meshal Abdul Aziz Al-Othman Chairman
Mustafa Shafqat Anwar Deputy Group CEO-Operations & Technology
Sanjeev Baijal Deputy Group CEO-Finance & Strategic Development
Mohammed Jassim Khalid Al-Marzouk Deputy Chairman
Sector and Competitors