Barwa Real Estate Transfers Barwa Bank Shares
Barwa Real Estate Company has completed the transfer of its 37.34% stake worth QR 2.4 Billion in Barwa Bank to a Qatari Diar,
a Qatar Exchange notification said Thursday. The transfer was done after obtaining the requisite legal and government approvals for the transaction which is part of a previously signed Memorandum of Understanding (MOU) between Barwa Real Estate and Qatari Diar. The profit expected from the QAR2.4 billion sale will be used to pay off some credit facilities, which according to Barwa would reflect positively on the financial statement of the Q4 results for 2013.
Source : Qatar News Agency