Qatar (Commercial Bank) owns 100% Turkey’s Alternatifbank (ABank).
Commercial Bank, the largest private sector lender in Qatar, has now become 100% owner of Turkey’s Alternatifbank (ABank). “ABank is now a 100% subsidiary of the Commercial Bank,” said a spokesman. This became possible after Anadolu Endüstri Holding (AEH) completed its put option on its remaining 25% stake in ABank for $222.5mn. A put option gives the owner the right, but not the obligation, to sell a specified amount of an underlying security at a specified price within a specified time. Share sale value has been calculated at $222.5mn as of July 18, 2016 based on the base price method specified in the shareholders’ agreement. In July this year, the Qatari lender had informed the Qatar Stock Exchange that it received a notice from AEH to exercise the put option with respect to 192.5mn or 25% of registered shares held by AEH in ABank under the shareholders’ agreement signed with Commercial Bank on July 18, 2013.
Sources: QGN, GT, Gulf Agencies.