Qatar Commercial buys stake in Sharjah bank
Doha, December 13, 2007
Commercial Bank of Qatar said it bought 14.7 percent of Sharjah-based United Arab Bank, the first stage of its plan to acquire as much as 40 percent of the lender to enter the United Arab Emirates.
Qatar Commercial bought 104.57 million shares, it said in a statement on the Doha bourse Web site on Thursday. It did not say how much it paid for the shares.
At the closing share price on Nov. 22 -- the last day when the stock traded -- 14.7 percent is worth 742.41 million dirhams ($202.2 million), according to Reuters calculations.
United Arab, which operates nine branches in the UAE, said in September it won initial central bank approval to sell 40 percent of itself to Qatar Commercial at 7.75 dirhams per share, valuing the stake at $601 million, according to Reuters calculations. It said the purchase would be completed by the end of last month. - Reuters