Staff Writer
Qatar Islamic Bank (QIB) has partially divested its 13.75% stake in Daaman Islamic Insurance Co. (Beema) to a group of special purpose vehicles funded by the Qatar-based private investment group QInvest, which counts QIB as one of its shareholders.
Transaction details of the stake sale have not been disclosed.
Following the sale and purchase agreement signed July 9, QIB will continue to hold a 5% stake in the Doha-listed Daaman Islamic.
The bank intends to disclose its semi-annual results on July 20.
(Writing by Bindu Rai, editing by Brinda Darasha)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.