QIB Press
Digital Desk
Feb 08, 2018 | 8 Minutes
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