
Borse Dubai has sold its significant stake in the London Stock Exchange, sending the British group's share price plunging on Thursday.
"Borse Dubai has today sold its shareholding in London Stock Exchange Group plc, representing approximately 17.4 percent of the share capital in the company," said a statement issued by the Gulf group, which was the biggest single shareholder in the LSE.
The stake is worth £1.53 billion ($2.29 billion, 2.08 billion euros) according to the LSE share price at the close of trading on Wednesday, at 2,538 pence.
In Thursday deals following the announcement, LSE crashed to 2,288 pence, down 9.85 percent on London's benchmark FTSE 100 index, which fell 1.15 percent to 6,910.79 points overall in morning deals.
"While details remain scant, the sale was probably worth around £1.5 billion and ends a... reduction process designed to crystallise handsome gains thanks to many years of hopes of another round of exchange mergers, which have seen LSE shares double from 2007 levels," said Mike van Dulken, head of research at trading group Accendo Markets.
The Qatar Investment Authority takes over as the biggest LSE shareholder. QIA cut its holding to about 10 percent from 15 percent last year according to Bloomberg News.
GMT 12:01 2018 Tuesday ,23 January
Bahrain Bourse daily trading performanceGMT 19:16 2018 Monday ,22 January
TRA responds to hoax Dh5,000 VPN fine SMSGMT 13:09 2018 Sunday ,21 January
Bahrain Bourse daily trading performanceGMT 13:50 2018 Friday ,19 January
US SEC says bitcoin funds raise ‘investor protection issues’GMT 06:50 2018 Friday ,19 January
European stocks mostly advance on bright global outlookGMT 09:12 2018 Thursday ,18 January
European stock markets join global downtrendGMT 17:06 2018 Wednesday ,17 January
China temporarily waives taxes to get foreign firms to stayGMT 17:01 2018 Wednesday ,17 January
JPMorgan Chase earnings drop on weak trading, tax items

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor