Qannas Investments sells stake in Al Waha Capital

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.

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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