(MENAFN - Qatar News Agency) Barwa Real Estate Group has announced the selling of its 37.34 percent shares in Barwa Bank for around QR 2.4 billion, a statement by the company carried by Qatar Exchange website said on Monday.
The transaction is part of the previously signed memorandum of agreement between Qatari Diar and Barwa Real Estate, according to which Barwa sells some of its assets to the Qatari Diar and uses the profit of those transactions to pay off some credit facilities
The deal is expected to positively reflect on the financial statement of Quarter 4 of the year 2013, the statement said
Barwa Real Estate sold all the shares it holds in Barwa Bank after using its rights to buy back QR 40.7 million shares, about 14 percent of Barwa Bank shares, in December, the same shares which had been sold by Barwa to a related party in 2012 while keeping its rights to repurchase
The group is currently obtaining all legal and government approvals necessary to complete the transaction.