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Qatar Holding increases stake in local bourse, NYSE Euronext cuts back
- Qatar: Tuesday, December 04 - 2012 at 16:21
The Qatar Exchange 20 Index gained 0.30% Tuesday to reach 8,353.95 points. Earlier in the day, the exchange said in a statement that the Qatar Holding, a subsidiary of the Gulf state's sovereign wealth fund Qatar Investment Authority, increased its stake in the market to 88% from 80%. Its second stakeholder NYSE Euronext, on the other hand, reduced its share to 12% from 20% by selling the 8% to Qatar Holding. A Qatar Exchange's "official source" said "In view of the above, Qatar Holding has expressed desire to increase its stake in QE from 80% to 88%", adding that "This desire was in consistent with NYX strategy to obtain greater flexibility for strategic capital deployment, resulting in concluding the shareholders restructuring agreement late October and finalizing all necessary legal relevant procedures". NYSE Euronext's stake goes back to the year 2009 when the transatlantic group of exchanges bought 20% in the market for $200m. Through the partnership, the Qatar market upgraded its technological and delivery standards. Like the UAE, Qatar aims to be upgraded to "emerging market" from "frontier market" by index provider MSCI. Having failed to achieve this objective several times in recent years, MSCI's next review on Qatar (and the UAE) will be in June 2013.
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Gérard Al-Fil, Financial JournalistTuesday, December 04 - 2012 at 16:21 UAE local time (GMT+4)
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