Qatar First Bank Issues Supplementary Disclosure on the Signing of One of Its Subsidiaries a Contract to Sell Its Full Stake in Memorial Co.

September 09, 2018

Qatar First Bank released a supplementary disclosure regarding one of Qatar First Bank’s (“QFB”) subsidiaries signing a conditional sale agreement to sell all its shares in İSTANBUL MEMORİAL SAĞLIK YATIRIMLARI A.Ş (“Memorial”), a leading hospital operator in Turkey.

The bank explained that one of its fully owned subsidiaries known as QFIB Healthcare 2 SARL (the “seller”), a company incorporated in Luxembourg, has completed all conditions precedent in the Share Purchase Agreement between it and TAYA SAĞLIK YATIRIMLARI A.Ş (the “Buyer”), a wholly owned subsidiary of the Aydin Family who have majority ownership in Memorial. Following this, the Seller transferred all its shares (20% shareholding) in Memorial to the Buyer.

The deal was consummated at a valuation of US $30 million which is very close to QFB’s book value. It should be noted that the purchase price will be paid on a deferred basis in US Dollars.

It should also be noted that the size of the transaction reflected in this disclosure doesn’t represent more than 10% of the bank’s total assets.