MIDEAST STOCKS-Masraf Al Rayan boosts Qatar, DAMAC surges on buyout report - Agricultural Commodities - Reuters:
Qatar’s stock market jumped on Wednesday, boosted by Masraf Al Rayan after the lender and Al Khaliji Commercial Bank said they had started merger talks, while Dubai-listed DAMAC Properties surged on a report its chairman might take it private.
In Qatar, the index advanced 1.5%, boosted by a 6.8% jump in Masraf Al Rayan.
The merger could create a combined entity with more than 164 billion riyals ($45 billion) in total assets.
“The potential merger will lead to the creation of one of the largest Sharia’a (Islamic) compliant banks in Qatar and the Middle East,” the banks said in a filing.
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