DOHA: QNB Group has mandated CI Capital in Egypt to advise on the necessary action to sell approximately 2.1 percent of QNB Group’s stake in QNB ALAHLI, Egypt. QNB Group currently holds 97.12 percent of QNB Al Ahli.
In a regulatory filing to Qatar Stock Exchane (QSE), the bank said its stake will stand at 95 percent after the sale.
The sale of the 2.125 percent stake is intended to comply with Egyptian stock exchange rules that require a free float of not less than 5 percent, QNB Alahly said in a statement, Reuters reported.
QNB entered Egypt by buying Societe Generale’s Egyptian business for $2bn in 2013 and QNB Alahly is the third largest Egyptian bank by assets, according to Thomson Reuters data.
