NYSE Euronext, the owner of the New York Stock Exchange, has reduced its ownership in Qatar’s bourse by selling an eight percent stake to the Gulf state’s sovereign wealth fund.
According to a statement published on Tuesday, Qatar Holding, the investment arm of the Gulf Arab state’s sovereign wealth fund, now owns an 88 percent stake in the Doha-based stock market, with NYSE Euronext holding the remaining 12 percent stake.
The owner of the New York stock exchange had bought a 20 percent stake in the Qatar Exchange in 2009 for $200m as part of a strategic agreement to transfer knowledge and develop the local exchange.
An official sources at Qatar Exchange said: “Qatar Holding has expressed desire to increase its stake in QE from 80 percent to 88 percent [which] was consistent with NYX strategy to obtain greater flexibility for strategic capital deployment.
“This change has been reflected in the Articles of Association of the company including the numbers of board seats allocated for each of the shareholders.
“Otherwise, there are no changes to the partnership and both shareholders and their commitment to the development of the exchange and Qatar as a financial centre.
“NYX remains an important partner in QE and shall continue to provide all the technological support needed to maintain its pioneering status among the financial markets of the region.”
The Qatar Exchange currently has 42 listed companies and its market capitalisation is more than QR457bn ($127bn).
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