Qatar First Bank Announces Successful Exit of CMRC Limited

The Bank has successfully exited the regional private equity investment for USD $ 31.5 million.

QFB plans to continue identifying new regional and global investment opportunities in line with its investment diversification strategy.

Qatar First Bank (QFB), the first independent Shari’ah compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on Qatar Stock Exchange (QSE: QFBQ), has announced its successful exit from CMRC Limited, one of its private equity investments in the Middle East.

The Bank has announced the successful exit of its USD $ 31.5 million investment in CMRC Limited and achieved a net IRR (internal rate of return) of 19%.

In 2015, the Bank acquired an adjusted stake of 13.5% in CMRC Limited, the leading medical rehabilitation center in the Gulf region. The company’s turnover has increased from USD $ 15 million in 2015, to more than USD $ 54 million in 2020.

The successful exit of QFB’s investment in CMRC Limited comes in line with the bank’s strategic decision to further strengthen its liquidity provision, balance sheet and to focus on exploring further investment opportunities. The Bank’s recent transaction also comes in line with its plans to explore new markets and industries, and to expand its investments to new locations and regions around the world.

Commenting on the successful exit, HE. Sheikh Faisal bin Thani Al-Thani, Chairman of QFB, said: “We are happy to announce our successful exit from one of our legacy private equity investments in the region. The good business performance that the project enjoyed over the past years, and with the return on investment we have made from selling our shares in CMRC Limited, makes this investment a standout achievement for the Bank.”

Sheikh Faisal added: “Being able to achieve such profitable outcomes with a good return on investment in this project within the general atmosphere marked by business uncertainty in light of the COVID-19 pandemic, is testament to our experience and knowledge in investment “.

Mr. Abdulrahman Totonji, QFB’s Acting CEO said: “As we conclude our presence in this investment, QFB remains committed to strengthening its investment portfolio in Qatar, regionally and globally. We will move forward with our ambitious investments strategy, by accessing new and promising markets, while gradually reducing its dependence on limited markets and industries.”

Mr. Totonji added: “As the business world is witnessing a gradual recovery, we will continue focusing on investments that promise sustainable profitability, growth and risk adjusted returns while keeping a disciplined approach in managing our liquidity and to ensure we are well placed in navigating any market uncertainties.”

QFB has recently announced its financial results for the 2020 fiscal year. The Bank posted a net profit of QAR 1.2 million in the fourth quarter of the year and has reduced its overall annual net loss by 24% compared to 2019. The bank has also recorded an improved performance despite the circumstances related to the pandemic, achieving a 6.9% reduction in overall expenses in 2020.

 

QFB Annual General Meeting Assembly and Extraordinary General Meeting Assembly

Registration Process for shareholders and proxies
In compliance with the guideline’s issues by Ministry of Health in order to limit the spread of corona virus pandemic, the Annual General Meeting and Extraordinary General Meeting of QFB will be held virtually using Zoom application.

Extraordinary general meeting 05th April 2021 4.30pm
Annual general meeting 05th April 2021 5.00pm

Further to the invitation of QFB to attend the Annual & Extraordinary General Assembly meetings which was published in the newspaper on 12/03/2021 please note the below.

Shareholders, or their proxies, will be required to send a copy of the following documents to the email address: [email protected] OR can visit QFB head office in Al Sadd in order to handover the below set of documents

  • Copy of an identification document (Qatar ID or passport)
  • NIN number at Qatar Stock Exchange
  • Copy of the duly completed proxy form (In case the shareholder is represented by another shareholder) Proxy form can be downloaded from here
  • For corporate shareholders: Copy of the authorization letter appointing them as a representative of said corporate shareholder, Commercial registration (Latest printed date) and Computer Card of the company and the proxy form should be signed by the authorized signatory and company stamp must be affixed. Authorization template can be downloaded from here

Shareholders who wish to attend the virtual meeting must send the above information and documents at least one day before the AGM/EGM.

Once all the documents are verified ZOOM link will be shared with the shareholder or the proxy through e-mail (2 hours before the AGM/EGM meeting). Further an additional link will be shared to download ZOOM software.

Once the shareholder/ Proxy received the link they need to access the link prior to the AGM/EGM start time and verify their identity (by showing the QID/ passport) to enter the meeting.

During the meeting, shareholders or their proxies can raise their questions by raising hand OR sending them through CHATBOX

In case a shareholder or a proxy has an objection to one of agenda items, they will be able to use ‘Raise Hand’ option to express their objection.

If a shareholder or a proxy does not object, the vote will be considered as the approval of the agenda item.

To get more details on the above registration procedure please call: +974 4448 3596 (Weekdays between 9am to 3pm). Please refer QFB web site/Investor Relations/General Assembly section for further updates