AUB completes sale of its 29.4% stake in Ahli Bank Qatar
- Qatar: Monday, February 04 - 2013 at 15:23
- PRESS RELEASE
Ahli United Bank BSC (AUB) announced the completion of the sale of its 29.4% stake in Ahli Bank Qatar (ABQ) to the Qatar Foundation for Education, Science and Community Development at a price of QR60 per share and for a total consideration of $615.9m, generating a net exceptional profit of $212.9m.
As a result of the sale, AUB's Technical and Management Services Agreement with ABQ has been modified to provide only selective advisory services for a maximum period of one year. In coordination with ABQ, AUB Directors have resigned their ABQ Board memberships in line with the cessation of AUB's responsibilities for ABQ's management or performance going forward.
The decision to sell our stake in ABQ was triggered by our inability due to legal factors to maintain our minority shareholding above the minimum levels required for ABQ to qualify as a strategic core investment with associated management and reputational exposure as per the AUB Group Investments Policy. This sale does not represent a reversal of our regional growth by investment and acquisition strategy and is solely driven by the specific legal constraints linked to this investment. AUB will continue to seek attractive opportunities to develop its banking franchise in the region and to enhance its shareholder value.
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