Cairo – Mubasher: Pharos Research has reiterated their “Overweight” recommendation on Qatar National Bank Al Ahli at a fair value (FV) of EGP 60 per share.
The research firm forecast the bank’s further regulatory adjustments to raise the free float stake to 10% would boost the stock, but this would not take place in the short term, according to a recent report issued Wednesday.
In February 2018, CI Capital said that Qatar National Bank (QNB) had narrowed down its stake in the Egyptian unit, QNB Al Ahli, to 95.6% from 97.12% to comply with the Egyptian Exchange's (EGX) listing rules.
QNB Al Ahli’s capital amounts to around EGP 8.9 billion ($506 million) distributed over 89.4 million shares at a par value of EGP 10 (56 cents) per share.
