Digital

QIB completed the sale of its AFB Share to MBSB

QP

QIB Press

Digital Desk

Feb 08, 2018 | 8 Minutes

News image featuring head office building.

Qatar Islamic Bank (QIB) has executed the sale agreement with Malaysia Building Society Bhd (MBSB) to sell its full stake of 60% in the Asian Finance Bank (AFB), an affiliate in Malaysia.

The sale agreement was signed on 04/11/2017 and executed today 07/02/2018 with QIB receiving cash proceeds of MYR 357.2 million from the sale of its stake. The sale shall have no material impact on bank’s financial performance at the time of exit or in future. It is worth mentioning that QIB’s decision to exit was formulated more than 2 years ago until an acceptable offer to QIB’s Board was submitted. QIB decision to exit from investment in this affiliate was driven by being no longer in line with QIB’s business strategy together with low returns on Investment. 

QIB has issued a supplementary disclosure relating to the execution of the sale of the Bank’s share in Asian Finance Bank (AFB) as follows:

Investor

Number of share

Ownership (%)

Qatar Islamic Bank

319,518,012

60 %

Rusd Investment Bank

88,755,004

16.67 %

Tadhamon International Islamic Bank

53,253,002

10 %

FAB

35,502,001

6.67 %

Al Haeil Group

35,502,001

6.67%

(amount in MYR Million)

Asian Finance Bank (AFB)

Malaysia Building Society Berhad (MBSB)

Year

2014

2015

2016

2014

2015

2016

Total Revenues

129

138

121

2,613

3,050

3,275

Net Profit

15

0.5

3.6

1,015

257

338

Total SE

493

492

497

4,682

4,862

6,724

QIB part of AFB profit (%)

9

0.3

2.16

n.a

n.a

n.a

Note:According to our knowledge and until the date of this disclosure, the information whether financial or non-financial are public and quoted directly from disclosures provided by companies to the public and the Malaysian Stock Exchange

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