Mubasher TV
Contact Us Advertising   العربية

QFB sells 20% stake in Memorial Co

QFB sells 20% stake in Memorial Co
The deal amount does not represent more than 10% of the bank's total assets
Lesha Bank
QFBQ
0.81% 1.25 0.01

Mubasher: Qatar First Bank (QFB) on Sunday announced that it had signed a conditional sale agreement with Turkey’s Memorial Health Group.

Under the contract, QFB sold its entire 20% stake in Memorial Company to majority shareholder Turgut Aydin and his family, according to the bank’s statement to the Qatar Stock Exchange (QSE).

Aydin and his family now own 80% of the shares in the group.

Subject to the fulfillment of all conditions and the receipt of all approvals and prior to completion of the transaction, the bank will notify the QSE of the deal.

It is worth noting that the deal amount does not represent more than 10% of the bank's total assets. The Qatari lender expects to close the transaction in the third quarter of 2018, according to the statement.

By 09:58 am Qatar time, QFB’s stock went down 0.37% at QAR 5.36.