| Kippreport.com

Qatar makes $1bn profit through Barclays stake sale

October 20, 2009 3:55 by kippreport

The Qatari Investment Authority (QIA) announced that it would sell 379 million shares in Barclays bank, making a profit of about $1 billion through the sale, reports The New York Times. But the QIA will retain a 7 percent stake in the bank, remaining its largest shareholder. According to the sovereign wealth fund, Barclays will receive GBP750 million ($1.2 million) through the sale.

“The decision to exercise the warrants and dispose of the resultant shares forms part of Qatar Holding’s portfolio management program and does not impact on our current intention to remain a long-term strategic shareholder in Barclays,” Ahmad Al-Sayed, the investment group’s CEO, said in a statement.

Tags: Barclays, investment, profit, Qatar, stake sale