(MENAFN- Khaleej Times) Ahli United Bank, Bahrain's largest listed lender, has sold most of its 33 per cent stake in Qatar's Ahli Bank to sovereign fund Qatar Foundation.
The sale, involving all but 1,000 of Ahli United's 37.38 million shares, still requires the approval of Ahli Bank shareholders, an Ahli Bank filing to the Qatar bourse said on Thursday. No price was given but the stake would have been worth QR1.93 billion ($530.2 million) at Wednesday's QR51.70 closing price.
Ahli Bank, Qatar's seventh-largest lender by market value, had said in November its strategic partner would offload its holding and that the proposed sale was being reviewed by the Qatar central bank.
Qatar Foundation will now become Ahli Bank's largest shareholder, followed by the Qatar Investment Authority which has a 16.7 per cent stake.
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