United Gulf Bank (UGB) on Monday announced the transfer of its ownership in JordanKuwait Bank (JKB) to Burgan Bank after receiving the relevant regulatory approvals. UGB and Burgan Bank are part of the KIPCO Group and the transfer of JKB shares to Burgan is part of KIPCO's restructuring of its financial services companies announced in March, 2008. The JKB shares, representing a 43.86 percent equity stake, were transferred at a price of JD7.27 ($10.25) per share and the transaction was executed on the Amman Stock Exchange. UGB will make a profit before expenses of approximately $280 million on the transfer. UGB will invest the proceeds of the transfer by acquiring up to 20 percent of Burgan Bank's shares at a price around the market value of 1 Kuwaiti dinar ($3.75) per share. UGB currently owns 0.7 percent of Burgan. __
