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Wednesday, 12 August 2020

Prime Holding to offload AT Lease holdings after launching fintech subsidiary

M&A WATCH- Prime Holding is planning to offload the entirety of its stake in Al Tawfeek Leasing to avoid a conflict of interest with its new subsidiary Prime Fintech, CEO Mohamed Maher said yesterday, according to Al Mal. Prime launched its new arm on Monday, which among other things will offer financial leasing services akin to those provided by AT Lease. It has gradually reduced its holdings in the company in recent months, lowering its stake in July to 6.13% from 9.6%, and again this week to 3.9%. Maher did not provide specifics on when Prime will offload the rest of its holdings, stating that it will depend on the company’s investment strategy and the performance of AT Lease’s shares.

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