Barclays declines by 4.5 percent in shares as Qatar Holding divests USD644M
Date
12/6/2023 3:43:02 AM
(MENAFN) Barclays, a prominent UK-based bank, experienced a 4.5 percent decline in its shares during early trading on Tuesday, following a move by Qatar Holding Company—one of the bank's major shareholders—to divest shares valued at approximately £510 million (USD644 million). This strategic decision by Qatar Holding Company reflects a reduction in its investments in Barclays amid a challenging period for the bank.
The sale, managed by one of the participating banks, is slated to transact at 141 pence per share, representing a marginal 1.4 percent decrease compared to Barclays' closing share price on the preceding Monday. The timing of this share sale coincides with Barclays' ongoing efforts to implement cost-cutting measures and enhance its share price, which has witnessed a significant decline, halving since Qatar Holding Company's initial investment in 2008.
Recent reports indicate that Barclays shares incurred a 3.4 percent drop in value during the latest trading sessions, settling at 138 pence. If this trend persists, the bank is poised to register its most substantial daily loss since October 24. The share sale by Qatar Holding Company adds a layer of complexity to the broader financial landscape for Barclays, prompting market observers to closely monitor developments and assess the potential impact on the bank's financial outlook and strategic initiatives.
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