The controlling shareholder for Aston Martin, the British car maker is Investment Dar Co. The company has agreed to sell its stake in the beleaguered Bahraini Islamic Bank for US$92 million as the company restructures its debts.
The Kuwaiti based holdings company accepted the offer of the National Bank of Bahrain and the Social Insurance Organization Asset Management Co of Kuwait for the 51.6% shares or roughly about 484 million shares. The price per share is 72 fils apiece. The two purchasers would cut the shareholdings in half, each receiving 25.8% of the shares.
Investment Dar is in a bit of dire straits, as it had defaulted US$100 million in Islamic bonds back in 2009 and restructured its debt back in 2011. This was due to the global financial crisis that severely hampered the ability of Kuwaiti companies to pay for their financial obligations. The restructuring has become mandatory, after the Kuwaiti government passed the Financial Stability Law to provide support mechanisms to financial institutions that went under during the crisis.
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