Former Qatar PM invests in Spanish retailer
Former Prime Minister of Qatar, Sheikh Hamad Bin Jassim Bin Jaber Al Thani has acquired a 10 per cent stake worth 1 billion euros ($1.1 billion) in the privately owned Spanish department store chain El Corte Ingles.
It is the first time El Corte Ingles, has opened its share capital to a foreign investor, Reuters reported.
The retail chain said the shares will come from its treasury stock and that the purchase is a strategic one for Al Thani, who will also have a seat on the board.
The company was founded in 1930s by Ramon Areces, whose descendants are majority shareholders in the company.
They turned the operations into one of Spain’s largest employers, and one of the biggest retailers in Europe.
The department store chain saw 14.2 billion euros of sales in 2013, it also operates businesses including insurance, information technology, travel booking and ticketing for concerts and theatre.
Newspaper El Pais said the Qatari investment could lead to an eventual stock market listing, though it did not cite any sources.
