- Qannas Investments said it had agreed to acquire a 'substantial portfolio' of attractive investment assets from a consortium of third-party vendors.

The portfolio included shareholdings in a number of publicly traded Gulf Corporation Country-focussed companies, in sectors such as real estate, maritime shipping services and insurance.

Further Portfolio assets includd two plots of land that have been zoned for commercial or residential development and units of an open ended fund that Qannas was currently invested in.

The transaction attributed a value to the portfolio of around AED 1.5bn ($417m), representing a 'compelling discount' to its market value at 31 July of about AED 2.2bn.

Qannas would also assume accompanying liabilities of about AED 1.1bn.

The company estimated that it would issue about 196m new ordinary shares of no par value in consideration for the portfolio.

At 8:23am: [LON:QIL] Qannas Investments Ltd share price was 0p at 0.63p

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