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.
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