QFIB sells Qcon stake for $77 million
Doha, April 18, 2012
Qatar First Investment Bank (QFIB) has sold its 41 per cent stake in Qatar Engineering and Construction Company (Qcon) for $77 million, QFIB's chief executive officer said on Wednesday.
"We just exited the deal and sold to a Qatari investor," Emad Mansour said in an interview. He declined to give details about the investor.
QFIB had bought the stake in the oil and gas, petrochemical, fertiliser and power contracting firm in 2009.
QFIB also plans to list on the Doha stock exchange by November, Mansour said.
In January, the lender acquired a 15 per cent stake in Al Rifai International Holding, a manufacturer of nuts and snacks in the Middle East and Europe. It was the company's first investment in the food and beverage manufacturing sector.
QFIB has said it hopes to exit its 14 per cent stake in Abu Dhabi-based Al Noor Medical through an initial public offering in 2012.
QFIB made a net profit of $25.8 million in 2011, up 20 per cent compared to 2010, according to the company's website. Total capital invested to date reached $333 million.
The firm last year acquired a 10.3 per cent shareholding in Islamic insurance firm Watania Takaful. It also bought a $16 million stake in Kuwait Energy Company (KEC). – Reuters