CBQ to buy out public shares in Alternatifbank

July 03, 2014 - 1:09:01 am

DUBAI: Commercial Bank (CBQ)  will buy out the remaining publicly owned shares in Turkey’s  Alternatifbank and then delist the lender from the Istanbul bourse, it said yesterday.

The second-largest lender in Qatar bought a 74.25 percent stake in the Turkish bank last year, the lender said. 

Two units of Anadolu Holding own 25 percent, with the remaining 0.75 percent held by the public.

These publicly owned shares will be bought for the average market share price over the last 30 days, Commercial Bank said in a bourse filing yesterday, after an application to “squeeze out” remaining shareholders and delist the bank was made to Alternatifbank’s board. 

The statement did not indicate there would be any change  to Anadolu’s holdings.