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Qatar Islamic Bank (QIB) has partially divested its 13.75% stake in Daaman Islamic Insurance Co. (Beema) to a group of special purpose vehicles funded by the Qatar-based private investment group QInvest, which counts QIB as one of its shareholders.
Transaction details of the stake sale have not been disclosed.
Following the sale and purchase agreement signed July 9, QIB will continue to hold a 5% stake in the Doha-listed Daaman Islamic.
The bank intends to disclose its semi-annual results on July 20.
(Writing by Bindu Rai, editing by Brinda Darasha)
