QFB’s unit sells 20% stake in Memorial for $30m

Mubasher: Qatar First Bank (QFB) on Sunday revealed that QFIB Healthcare, one of its subsidiaries, has signed a conditional sale agreement to sell all its shares in İstanbul Memorial Sağlık Yatırımları A.Ş. (“Memorial”).

QFIB Healthcare, which is a company incorporated in Luxembourg, has completed all conditions precedent in the share purchase agreement between it and the buyer TAYA SAĞLIK YATIRIMLARI A.Ş, a wholly owned subsidiary of the Aydin Family who have majority ownership in Memorial, according to the bank’s filing to the Qatar Stock Exchange (QSE).

The bank’s subsidiary has transferred all its 20% shareholding in Memorial to TAYA SAĞLIK YATIRIMLARI A.Ş.

The contract’s total value amounted to $30 million, which is very close to QFB’s book value, and the purchase price will be paid on a deferred basis in US dollar.

It is worth noting that the size of the transaction does not represent more than 10% of the Qatari lender’s total assets, data showed.

By 10:45 am Qatar time, QFB’s stock declined 0.38% at QAR 5.32.

Mubasher Contribution Time: 09-Sep-2018 08:04 (GMT)
Mubasher Last Update Time: 09-Sep-2018 08:15 (GMT)