Lesha Bank has purchased a minority stake in Starlink, a leading provider of ICT, managed services and retailer of technology products, as part of its private equity strategy to expand its footprint in Qatar.
Lesha Bank purchased 27.5% stake in Starlink, marking its first deal in 2023 and an “exciting” addition to the Bank’s Shariah-compliant private equity portfolio.
Launched in 2006, Starlink is a leading retailer of latest technology products, mobile, gadgets and accessories. The company has also successfully created its mark in the ICT services sector in Qatar as well as the GCC.
Starlink has an omnichannel presence spanning across 19 retail outlets in Qatar, an online platform as well as a variety of other supporting channels that provide outsource-managed services in multiple areas such as IT, installations, maintenance and contact centres.
The new deal further boosts Lesha Bank’s presence in the local private equity market. It also comes after recent purchases made in the consumer goods, technology and household electronics sectors reaffirming the bank’s investment strategy to diversify its exposure.
Lesha Bank CEO Abdulrahman Totonji commented, “This investment marks another landmark for Lesha Bank and a step towards increasing the bank’s private equity offerings.
“Starlink, with its market presence as a leading retailer of technology products, mobiles and ICT services presents a unique opportunity for local investors. As we look to explore other industries, this acquisition is in line with our investment strategy to access diverse opportunities in the local market, in an innovative and potentially promising industry. We look forward to working with Starlink’s stakeholders and we believe that the company has great potential for growth.”
Lesha Bank head (Private Equity and Corporate Banking) Suhaib al-Mabrouk, added, “We are delighted to add Starlink to our growing private equity portfolio. Starlink has a strong focus on client experience and has built a valued business over the years. I am confident in Starlink’s potential and prospects and pleased that we will be their partner on this journey."
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