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English news

10-Jul-2019

NBK signs preliminary contracts with Burgan, Boubyan to sell two of its premises

NBK announced in a release to the Boursa Kuwait that it has signed a preliminary sale contract with Burgan Bank to sell NBK’s premises (Head Office 1), located in Sharq area in Kuwait, and another preliminary sale contract with Boubyan Bank to sell its premises (Head Office 2) located in the Central Commercial area in Kuwait. The full sales amount of both premises will not be due until the final contracts are signed, the ownership of those premises is transferred and ownership certificates are issued by the Ministry of Justice. Accordingly, since the signed contracts are preliminary, there is no current material impact on NBK’s financial position, and the bank will disclose, in a timely manner, any new or material developments related to the sale. 
 
National Bank of Kuwait: KWD1.01 as of 9 Jul. 2019, Rating: Buy, TP: KWD0.88/share, MCap: USD21,564mn, NBK KK/NBKK.KW
 
Burgan Bank: KWD0.35 as of 9 Jul. 2019, Rating: Buy, TP: KWD0.35/share, MCap: USD3,027mn, BURG KK/BURG.KW