Mubasher: Qatar First Bank (QFB) on Sunday announced that it has completed all the conditions regarding the transfer of 100% of its shareholding in QF Ventures UAE to Yaghnam International, a company wholly owned by the Yaghnam family.
The agreement’s total cost amounted to $30 million, to be paid over a period of three years, according to a filing to the Qatar Stock Exchange (QSE).
Previously, QF Ventures UAE was used as a platform for investments in the services industry in the region.
The Qatari lender noted that the transaction represents less than 10% of the bank’s total assets.
By 10:15 am Qatar time, QFB’s stock fell 0.49% at QAR 4.09.
