Qatar Holding announces today that it has signed two agreements confirming its participation, as the largest foreign investor, in the planned Initial Public Offering (IPO) of the Agricultural Bank of China and establishing a Memorandum of Understanding for Strategic Cooperation (Cooperation Agreement).
The first agreement, the Cornerstone Investment Agreement, is a commitment by Qatar Holding to invest USD 2.8 billion in the planned IPO. This transaction is likely to be the largest ever IPO of a company in China and in the world.
The second agreement, the Cooperation Agreement, outlines a commitment from both parties to establish a mutually strategic relationship. This arrangement forms a basis for Qatar Holding to further develop its portfolio in China, as well as allowing Agricultural Bank of China to build a leading presence in the Middle East.
Qatar Holding has a successful track record of identifying, evaluating and acquiring strategic investments around the world, to support the economic aspirations of the State of Qatar. In executing its mandate of value creation. Qatar Holdinghas completed several landmark transactions in recent years, making multi-billion dollar investments in world-class companies such as Barclays, Credit Suisse, Volkswagen, Porsche and Harrods.
Commenting on the Cornerstone Investment Agreement and MOU, Ahmad Mohamed Al-Sayed, Managing Director and Chief Executive Officer of Qatar Holding , said:
“We are pleased to be the largest cornerstone investor in the Hong Kong listing of ABC. This is a significant investment for Qatar Holding and we are happy to be part of the next phase of Agricultural Bank of China’s growth journey. We look forward to working closely with our new partner in China”.
Source: Zawya.Com – Press Release – 28 August 2012