QNB sells a stake in the Egyptian unit, raises its capital

CAIRO – 18 February 2018: Qatar National Bank (QNB) hired CI Capital to advise it on the sale of a small stake in its Egyptian unit (QNB Alahli), according to the bank’s statement to the Egyptian Exchange on Sunday.

QNB plans to reduce its 97.125 percent stake in QNB Alahli to 95 percent.

The bank clarified that the sale is intended to comply with the rules of listing on the Egyptian Exchange, which requires that the free float shall not be less than 5 percent.

The Extraordinary General Assembly of QNB Alahli agreed to raise its issued and paid capital to LE 9.79 billion from LE 8.9 billion by LE 890 million from the general reserve and bonus shares, with one bonus share for every 10 shares.

The ordinary general meeting (OGM) approved to distribute a cash dividend of LE 0.80 per share for 2017 profits.

QNB Alahli recorded profits of LE 4 billion in 2017, compared to LE 4.18 billion in 2016, recording a 4 percent decrease.

Qatar National Bank Alahli (known as: QNB Alahli) is a public company, listed on the Egyptian Exchange since July 1996. QNB Alahli operates within the banking sector. It has seven subsidiaries operating across Egypt. QNB Alahli is based in Cairo, Egypt and was established in April 1978.