Qatar Investment Authority to sell $425m assets
The sovereign fund is mulling the 1.1% sale of its stake in French construction firm Vinci, and is likely to retain 3.9% of its shares following the transaction
Qatar Investment Authority (QIA), plans to sell a stake in Vinci, valued at $425m.
The sovereign wealth fund is selling 6.46 million shares, or a 1.1% stake, in the French construction company through a private placement arranged by Societe Generale.
QIA has held stake in Vinci for five years, and will retain 3.9% 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.”