Sunday, Oct 11, 2009
DUBAI (Zawya Dow Jones)--Qatari and Bahraini investors, including Bahrain-based Unicorn Investment Bank and Qatar First Investment Bank, said Sunday they fully acquired Qatar Engineering & Construction Co., or QCon, from Qatar Shipping Co.
QCon, an industrial engineering and construction firm, was acquired by a group comprising the Qatar America Asia Consortium, or QAAC, Bahrain-based Unicorn Investment Bank, Qatar First Investment Bank and The First Investor, the companies said in a joint emailed statement.
"QAAC is the co-originator of the transaction, with Unicorn acting as co-originator and arranger," the consortium said.
Qatar First Investment Bank and The First Investor each acquired a 41% stake in QCon. The transaction was structured in line with Sharia principles, according to the statement.
QCon, active in the oil and gas, petrochemical, power and other industrial infrastructure sectors, was fully owned by Qatar Shipping since 2006.
-By Tahani Karrar-Lewsley, Dow Jones Newswires, +9714 364 4965 Tahani.Karrar@dowjones.com
Copyright (c) 2009 Dow Jones & Company, Inc.
(END) Dow Jones Newswires
11-10-09 0920GMT
