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Wednesday , September 18 2019

Banks plan alliance to compete for Bourse privatization

KUWAIT CITY, Jan 8: Four or five banks are planning to form a strategic alliance to bid for the privatization of the stock exchange, in cooperation with global operators – Madrid Stock Exchange and Athens Stock Exchange, reports Al-Rai daily quoting informed sources.

Sources said the coalition consists of large banks and one of them is among the competent local authorities which are entitled to enter the virtual information room on privatization.

Sources affirmed the alliance is still open provided it is done in cooperation with one of the global operators, pointing out the advisory bodies represented by KAMCO – Oliver Wyman has received correspondence on the banking alliance, but has not received the final version showing completion of a particular coalition so far.

Sources added the global operators did not notify the Markets Authority or the advisory body on the formation of a final alliance to compete for 44 percent stake in the stock company which will be put for bidding.

According to reports, the entry of banks into the privatization of the stock exchange and the financing process will not be a dilemma in case of alliance with one of the operators due to the conviction that could make the idea of ownership of the operator a large share in the process, which is the possibility of ownership of a limited number of shares

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