Qatar's QIA divests $614m stake in German Hochtief
Qatar Investment Authority has reportedly sold 5.8% of its 10% stake in German construction company Hochtief to Spanish firm ACS
The latest in a string of financial moves, Qatar Investment Authority (QIA), the Gulf state's sovereign wealth fund, has reportedly divested its stake in Hochtief, a German construction firm.
QIA sold its 5.8% of its 10% stake in the German firm to Spanish comapny ACS.
ACS now holds 66.54% stake in the German firm.
QIA placed 7 million shares in Hochtief for EUR77 each, fetching it up to $614m (EUR540m), Arabian Business reported.
The state fund is reportedly divesting and selling its shares as part of a portfolio reshuffle in a financial market plagued by oil concerns.