By Neha Bhatia
Sovereign fund eyes sale of 1.1% stake in French construction firm; likely to retain 3.9% of shares
Qatar Investment Authority (QIA) is reportedly planning to sell a stake in French construction firm Vinci valued at $425m.
The sovereign wealth fund is selling 6.46 million shares, or a 1.1 percent stake through a private placement arranged by Societe Generale, it has been reported.
QIA has held a stake in Vinci for five years, and will retain 3.9 percent following the transaction.
The Qatari fund is the ninth largest in the world with assets worth $250m, according to Gulf News.
The sale of Vinci shares is “part of the routine portfolio management activities undertaken by QIA from time to time,” the report said.
“QIA continues to believe in the management and long-term prospects for Vinci.”