QFB subsidiary sells its shares in Amanat
15 Nov 2017 - 0:26
Qatar First Bank (QFB) has announced that the Astro AD Cayman Ltd, a fully-owned subsidiary of Qatar First Bank founded in Cayman Islands, has sold all its shares in Amanat Holding, founded in UAE and listed in Dubai Financial Market.The sale amount is AED150m.
In a regulatory filing to Qatar Stock Exchange (QSE), QFB noted that the deal amount did not represent more than 10 percent of the total assets of the bank.
The conclusion of this deal will not negatively affect in any way on financial position of the bank, and the deal has been concluded in full accordance with the standard common commercial practices, the bank said.
QFB did not disclose the size of the stake or the buyer, but said the deal value did not exceed 10 percent of the bank’s total assets.
Astro AD Cayman was previously listed as owning 5 percent of Amanat, according to Thomson Reuters data.