Mubasher: Investment Holding Group (IHG) has signed an agreement with Engineering Systems to complete acquiring the remaining 39.6% stake.
The transaction’s total value amounted to QAR 193.48 million ($53.64 million), according to a filing to the Qatar Stock Exchange (QSE).
In August, IHG’s board has approved acquiring the remaining 39.6% stake in Engineering Systems.
The board also approved obtaining a QAR 100 million loan to pay the value of the stakes that would be bought.
Previously, the Qatar-based company noted that it owned a 60.4% indirect stake in Engineering Systems via another firm.
In the first half of 2018, Investment Holding's net profit stood at QAR 23.33 million, up 11.1% from QAR 21 million in the same period a year earlier.
By 11:07 am Qatar time, IHG’s stock rose 1.52% at QAR 5.36.
