Doha: The trading in Al Khalij Commercial Bank (al khaliji) shares will be suspended until the completion of the merger, said Qatar Stock Exchange (QSE) yesterday. The announcement of QSE comes after the shareholders of Masraf Al Rayan and al khaliji approved the proposed merger of both the banks.
The merger of these two banks will create one of the largest, leading Shari’ah compliant banks in the region with combined assets amounting to approximately QR177bn.
“Qatar Stock Exchange announces that after the approval of the EGM of Al Khalij Commercial Bank (al khaliji) on the merger with Masraf Al Rayan, trading in Al Khaleeji shares will be suspended as of Thursday 7/10/2021 until the completion of the merger process,” said QSE in statement posted on its website.
Masraf Al Rayan held its Extraordinary General Meeting virtually on Tuesday. During the meeting, the shareholders considered and passed a number of resolutions pertaining to the bank’s operations and the ongoing merger with al khaliji. The shareholders approved the proposed merger of both the banks.
On Wednesday, al khaliji held its Extraordinary General Meeting virtually during which the shareholders of the bank considered and passed five resolutions pertaining to the ongoing merger with Masraf al Rayan. Shareholders approved the dissolution of al khaliji for the purpose of its merger with Al Rayan subject to all applicable laws and regulations.
