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Invest Holding acquires remaining stake in Engineer Systems for QAR 193m

Invest Holding acquires remaining stake in Engineer Systems for QAR 193m
The transaction’s total value amounted to QAR 193.48 million
Estithmar Holding
IGRD
-0.52% 1.91 -0.01

Mubasher: Investment Holding Group (IHG) has signed an agreement with Engineering Systems to complete acquiring the remaining 39.6% stake.

The transaction’s total value amounted to QAR 193.48 million ($53.64 million), according to a filing to the Qatar Stock Exchange (QSE).

In August, IHG’s board has approved acquiring the remaining 39.6% stake in Engineering Systems.

The board also approved obtaining a QAR 100 million loan to pay the value of the stakes that would be bought.

Previously, the Qatar-based company noted that it owned a 60.4% indirect stake in Engineering Systems via another firm.

In the first half of 2018, Investment Holding's net profit stood at QAR 23.33 million, up 11.1% from QAR 21 million in the same period a year earlier.

By 11:07 am Qatar time, IHG’s stock rose 1.52% at QAR 5.36.