Mubasher: Qatar Shipping Company, a subsidiary of Qatar Navigation (Milaha), has signed a purchase and sale agreement to acquire the Qatar Investment Authority’s (QIA) entire stake of 5.9% in Qatar Gas Transport Company (Nakilat).

The deal is still subject to regulatory approvals from the Qatar Financial Markets Authority and the Qatar Central Depository Company, Milaha said in a statement to Qatar Stock Exchange (QSE) on Monday.

Under the deal, Milaha raised its direct and indirect stakes in Nakilat to 36.3% of Nakilat’s share capital from 30.3% previously, Milaha Group’s President and CEO Abdulrahman Essa Al-Mannai announced.

During the first nine months of 2018, Nakilat recorded profits of QAR 658.2 million, up 8.5% from 606.4 million in the year-ago period, while Milaha’s profits surged 10.2% to QAR 400 million during the same period of 2018.

Milaha announced on Sunday the launch of a direct container shipping service connecting the Black Sea and the Mediterranean, linking Greece, Turkey, Georgia and Russia.

By 11:37 am Qatar time, Milaha’s stock gained 1.08% to QAR 70.03, while Nakilat’s stock edged up 0.25% to QAR 19.64.