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Barwa Real Estate Group announced selling its shares in Barwa Bank which are 37.34% of the total shares of the Bank. This transaction which is worth around QR 2.4 billion is part of the previously signed memorandum of agreement between Qatari Diar and Barwa Real Estate, according to which Barwa sells some of its assets to the Qatari Diar and uses the profit of those transactions to pay off some credit facilities. The deal is expected to positively reflect on the financial statement of Quarter 4 of the year 2013.
Barwa Real Estate sold all the shares it holds in Barwa Bank after using its rights to buy back QR40.746.660 million shares, about 14% of Barwa Bank shares, in December 2013, the same shares which had been sold by Barwa to a related party the year before while keeping its rights to repurchase. The group is currently obtaining all legal and government approvals necessary to complete the transaction.
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The Gulf Today
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