Qannas Investments has sold its entire stake in Abu-Dhabi based investment holding company Al Waha Capital for 15m Dirham in cash.
The disposal represents a return of 24.3% and an annualised return of 87.9%.
The payment received for the interest exceeded each of the reported daily closing market prices for Waha Capital's shares since May 2011.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Qannas, an AIM-listed close-ended investment company, acquired its interest in Waha Capital in October 2012.
Waha Capital, listed on the Abu Dhabi Securities Exchange, has interests in aircraft and other asset leasing, maritime, land development and financial services businesses.
The transaction comes after Waha Capital reported an annual net profit for 2012 of 214.4m.
Proceeds of the disposal will be distributed to Qannas shareholders.
The unaudited estimated net asset value per share of Qannas is $1.23 following the disposal of its investment.
RD
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
