Ezdan Holding acquires more than 20% of Islamic Holding Group shares

Ezdan Holding Group has acquired more than 20% of Islamic Holding Group (IHG) shares through the Qatar Exchange. 

IHG Group’s main activity is investing in shares and bonds, and brokerage services in the Qatar Exchange based on Islamic Sharia and done through Islamic Finance Securities Company.

IHG owns many other companies, which enhance the profitability of Ezdan Holding Group.

Ezdan Holding Group chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani said the deal comes within the framework of the group’s keenness to diversify its investment portfolio and demonstrate professionalism in the market.

He said that after the General Assembly’s decision to dissociate from the real estate sector, Ezdan Holding Group is working to direct its investments and financial resources to other sectors in the country in order to support the Qatari market, particularly in the financial and industry sectors.

He said acquiring “such outstanding ratio” of IHG shares came as a result of a “thorough study” of the financial situation of many companies listed on the Qatari bourse.

“Therefore, investing in Islamic Holding Group is due to the fact that it is an emerging corporate, which is expected to record significant growth with the strong support of Ezdan in the forthcoming period,” Sheikh Dr Khalid said.

Ezdan Holding Group, he said, will spare no effort to contribute in achieving the Qatar National Vision 2030.

“It is worth mentioning that, under the wise leadership of HH the Emir Sheikh Tamim bin Hamad al-Thani, Qatar pays more attention to small and medium sectors based on economic diversification strategy. Such strategy has received appreciation since positive outcomes have been noticed, especially that with the continued support by the state, prosperity and growth will prevail in the whole country,” Ezdan Holding Group said.

Commenting on the share purchase deal, Ezdan Holding Group CEO Ali al-Obaidli said: “Ezdan Holding Group benefited from its turnover as shown in its financial statement, which demonstrated the strength of the group’s profit. The group aims at diversifying its investment portfolio through procuring a diversified portfolio of local shares that would contribute to stimulate the country’s economy.”

Obaidli reiterated that Ezdan Holding Group was working towards disassociating itself from the real estate sector at a “steady, clear and transparent pace”.

Ezdan Holding Group also said the number of shares endowed for charity amounted to 605mn shares worth QR10.29bn. This represents 22.8% of the total shares of the group numbering 2.65bn.

“Such an initiative was carried out by the Ezdan Holding Group founder Sheikh Thani bin Abdullah al-Thani in 2011, emphasising its keenness to provide a sustainable source of humanitarian and charitable works not only in Qatar, but also in the region and the whole world,” Ezdan Holding said.