CBQ to buy out public shares in Turkey's Alternatifbank
Doha, July 2, 2014
Commercial Bank of Qatar will buy out the remaining publicly owned shares in Turkey's Alternatifbank and then delist the lender from the Istanbul bourse, it said on Wednesday.
The second-largest lender in Qatar bought a 74.25 per cent stake in the Turkish bank last year. Two units of Anadolu Holding own 25 per cent, with the remaining 0.75 per cent held by the public.
These publicly owned shares will be bought for the average market share price over the last 30 days, CBQ said in a bourse filing, after an application to "squeeze out" remaining shareholders and delist the bank was made to Alternatifbank's board.
The statement did not indicate there would be any change to Anadolu's holdings.-Reuters