Commercial Bank of Qatar negotiating sale of UAB stake
Qatar’s Commercial Bank (CBQ) is in talks to sell its 40 per cent stake in Sharjah-based United Arab Bank (UAB). In a statement to the Qatar Stock Exchange, CBQ said it has agree to grant a third-party purchaser a 90-day period of exclusivity.
The statement did not name the other party but said that the two will negotiate terms of definitive transaction documents pertaining to the potential purchase of CBQ’s stake in United Arab Bank.
UAB shares are publicly listed on the Abu Dhabi Securities Exchange (ADX). CBQ purchased the 40 per cent managing stake in UAB in September 2007, paying $601 million. The holding is currently valued at around $217 million. The bank’s other major shareholders include Sheikh Faisal Sultan Salem Al Qassimi (10.27 per cent), Al Majed Investment Company (5.42 per cent) and Jumaa Al Majed Abdullah Muhairi (5.31 per cent).