LONDON (Alliance News) – Qannas Investments Ltd on Wednesday said it has completed a tender offer it announced last month.
The closed-ended investment company purchased 8.9 million shares at 90 US cents each, at a total cost of USD8.0 million, representing 13% of its shares.
Shares in Qannas were untraded on Wednesday at USD1.0.
Abu Dhabi Financial Group LLC tendered 1.7 million shares, reducing its stake very slightly to 18.82% from 18.88%.
Non-Executive Director Mustafa Kheriba tendered 70,125 shares, leaving his stake unchanged at 0.77%.
Qannas said in July it was launching the tender offer as it does not currently have sufficient distributable reserves to return capital via a dividend.
The firm also said at that time it intends to propose realising all its existing investments over the next one or two years, and develop an entirely new investment strategy.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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