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State fund Qatar holding looks to raise stake in Qatar insurance
Qatar Holding, a unit of the Gulf Arab state's sovereign wealth fund, is in talks to increase its stake in Qatar Insurance Co (QIC) through the purchase of new shares in the firm, the insurer said on Tuesday.
August 7, 2012 3:37 by Reuters
Qatar Holding, a unit of the Gulf Arab state’s sovereign wealth fund, is in talks to increase its stake in Qatar Insurance Co (QIC) through the purchase of new shares in the firm, the insurer said on Tuesday.
Qatar, the world’s biggest exporter of liquefied natural gas, currently owns 12 percent of QIC, according to Thomson Reuters data.
QIC said it had received an offer from “strategic partner” Qatar Holding. No financial details were given.
“The board of directors of QIC welcomed the offer and agreed to the signing of a memorandum of understanding, which includes determining the required number and price per share (nominal value and issue premium),” QIC said in a filing to the Qatar bourse, adding any deal needs regulatory approval.
Qatar Holding has made a number of high-profile foreign investments this year, most notably building an 11.03 percent stake in miner Xstrata, a $26 billion takeover target for commodities trader Glencore.
Shares in Qatar Insurance were up 2.7 percent at 0730 GMT, against a 0.07 percent rise for the main Qatar index.
An increased stake for the Qatari government will bolster the insurer’s profile but the new share issue will dilute existing shareholders’ positions.
(Reporting by David French; Editing by Amran Abocar)