QNB reduces its stake in Egyptian unit to 95%

CAIRO – 25 February 2018: Qatar National Bank (QNB) reduced its stake in its Egyptian unit QNB Alahli to 95 percent from 97.125 percent, according to a filing to the Egyptian Exchange on Sunday.

The statement clarified that QNB sold 13.5 million shares of QNB Alahli worth LE 815.12 million ($46 million), with a value of LE 60 per share.

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

Qatar National Bank Alahli (QNBA) lost 2.05 percent or LE 1.23, ending Sunday’s session at LE 58.77 after trading on 5,460 shares with a turnover of LE 320,908.

QNB Alahli’s capital is LE 8.9 billion ($506 million), distributed over 890.4 million shares at a nominal value of LE 10 per share.

QNB Alahli recorded profits of LE 4 billion in 2017, compared to LE 4.18 billion in 2016, marking a four 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.