Barwa to Retain BAS Shares in Assets Deal With Qatari Diar

11/16/2014 10:24:33 PM

(MENAFN- Qatar News Agency) Doha November 05 (QNA) - Barwa Real Estate Company and Qatari Diar Real Estate Investment Company have decided to exclude from their asset transfer deal the shares Barwa owns in Barwa Al Sadd (BAS) a segregated portfolio company.

The two companies had signed an agreement exactly a year ago in 2013 for transfer of assets.

In a notification posted on Qatar Stock Exchange Wednesday Barwa said "The company has decided to retain the Barwa Al Sadd project because of its financial and symbolic value to the Barwa Group. The site includes Barwa's headquarters besides other completely leased residential and commercial buildings." The exclusion of BAS shares from the list of assets to be transferred to Qatari Diar will not impact the intended total value of the transaction as previously disclosed since the final value of the assets which have been transferred to Qatari Diar thus far has exceeded the anticipated value of the transaction at the signing of the Framework Agreement Barwa said in the notification. (QNA)

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