DOHA: Masraf Al Rayan, one of the largest lenders of Qatar, clarified that the bank had made full disclosure of the sale of its stake in Seef Lusail Real Estate Development Company.
The Bank said in a statement yesterday that it made its first disclosure of the sale of its 50 percent equity stake in Seef Lusail Real Estate Development Company, which was released and published on July 14, 2014, in accordance with its disclosure policy and a commitment to make an immediate disclosure upon signing of the sale purchase contract.
The Bank did not violate any rules or regulations as set out by the concerned regulatory authorities as Masraf Al Rayan’s announcement was reported to the Qatar Financial Markets Authority on July 13, 2014 after trading hours, the bank noted in its statement issued yesterday.
“However, based on the guidance of the Qatar Central Bank and the Qatar Financial Markets Authority, the Bank would like to clarify that Seef Lusail Real Estate Development Company LLC, with CR number 36198 issued on 26/6/2007, which owns Lusail Waterfront real estate was equally owned by Masraf Al Rayan and Qatari Diar Infrastructure Company. Masraf Al Rayan has now sold fully its 50 percent stake in the Seef Lusail Real Estate Development Company LLC to two investors as follows: (1) 49% of Seef Lusail Real Estate Development Company equity to Qatari Diar Infrastructure Company and (2) 1 percent of Seef Lusail Real Estate Development Company equity to Qatari Diar Real Estate Investment Company”.
Accordingly, the new ownership in Seef Lusail after the sale is 99 percent of Seef Lusail Real Estate Development Company will be owned by Qatari Diar Infrastructure Company and 1 percent of Seef Lusail Real Estate Development will be owned by Qatari Diar Real Estate Investment Company, the lender clarified after the local bourse suspended trading of its shares yesterday.
The Bank said the transaction value of the deal amounts to QR 1.53bn resulting in a gain of approximately QR466m to Masraf Al Rayan over 3 financial years. The gain from this transaction will not impact the financial results of Masraf Al Rayan for the first half of 2014. The Peninsula
