Mubasher: Qatar National Bank (QNB) on Sunday announced that it has hired CI Capital to advise it on selling approximately a 2.1% stake in its Egyptian unit, Qatar National Bank AlAhli (QNB AlAhli), in order to comply with the Egyptian Exchange's (EGX) listing rules.
QNB’s 97.12% stake in QNB AlAhli will decline to 95% after the sale, according to the group’s statement to the Qatar Stock Exchange (QNB).
All measures will be met in compliance with the EGX's free-float share requirements that should not be less than 5%, the largest bank in the Middle East and Africa by assets noted, affirming that it had no plans to further trim its stake in its Egyptian subsidiary.
