Damascus, April 26 (QNA) - Estithmar Holdingآ Q.P.S.C. (a Qatari public shareholding company), announced the completion of an agreement signed to invest in Syria's Shahba Bank.

Under the deal that was concluded Sunday morning in Damascus, Masaref Holding, a subsidiary of Estithmar Capital, will take a 49 percent stake in Shahba Bank, marking a further step in Estithmar Holding's regional expansion and deepening exposure to the financial services sector, the company said in a statement published on the website of Qatar Stock Exchange (QSE). 

Masaref Holding LLC signed the agreement with representatives of Bemo Saudi Fransi Bank and Ahli Trust Bank, the statement added. 

The statement also confirmed that the conclusion of the transaction will be subject to several conditions precedent that the parties are required to fulfill. Most notably, these include obtaining the necessary regulatory approvals from the competent authorities in the Syrian Arab Republic, including the Central Bank of Syria, the Syrian Commission on Financial Markets and Securities, and the Competition Protection and Anti-Monopoly Commission.

Estithmar Holding Q.P.S.C. had previously announced the establishment of its new group, Estithmar Capital, which specializes in managing financial investments and promoting corporate governance. 

Estithmar Holding operates through several groups including the healthcare group, the services group and the tourism and real estate development group, in addition to the specialized industries and contracting group. (QNA)