CI concludes sale of QNB shares on EGX

CI Capital concluded yesterday the sale of 2.125% of the Qatar National Bank’s (QNB) stake in its Egyptian unit QNB-Al Ahli, sources tell Al Mal. The sale, which reduced the bank’s stake to 95% from 97.125%, was necessary for QNB-Al Ahli to comply with new EGX regulations that require at least 5% of a listed company’s share to be floating. A QNB spokesman said earlier this week that the bank had no current plans to further reduce its stake.