Dr Mohammed Nasser Al Qahtani, Deputy CEO of Al Meera (right) and Adel Mustafawi, Masraf Al Rayan’s Group CEO, after signing the agreement at Al Meera head office in Doha, yesterday. Abdul Basit
DOHA: Al Meera Consumer Goods Company yesterday announced it has completed all mandatory steps ahead of raising its capital by 100 percent through the issuance of 10 million ordinary shares for subscription by its existing shareholders.
The process will begin on January 27, and continue until February 10, 2013. The company has appointed Masraf Al Rayan to manage the subscription.
“Al Meera’s growth in the past several years has been extraordinary; therefore, a rights issue was imperative in light of the company’s new market position,” said Dr Mohammed Nasser Al Qahtani, Deputy Chief Executive Officer of Al Meera.
“Simultaneously, Qatar’s economic development has also been extraordinary to say the least, and this capital increase will allow us to expand and compete more effectively in Qatar and other markets,” Al Qahtani said.
Al Meera’s rights issue is in line with the company’s decisions of its Extraordinary General Meeting held on October 8 to double the company’s capital through a rights issue to its existing shareholders. The rights issue will be priced at QR95 per share (QR10 nominal value and QR85 premium).
Commenting on the company’s appointment of Masraf Al Rayan to oversee the rights issue transaction, Dr Al Qahtani said: “Our selection of Masraf Al Rayan for the rights issue is completely aligned with Al Meera’s objectives of maintaining all its banking transactions through partners who prove to have strong financial platforms and flexible solutions for our requirements. Masraf Al Ryan was a natural choice, as the bank is one of Qatar’s leading Islamic financial institutions with a history of delivering excellence. We look forward to working even closer with the institution in the future as we continue to grow and develop.”
Adel Mustafawi, Masraf Al Rayan’s Group Chief Executive Officer, thanked Al Meera for selecting the bank to handle the rights issue transaction.
“We are delighted to have been appointed as the partner bank for the service by Al Meera Consumer Goods Co, which reflects the company’s faith in Masraf Al Raya’s capabilities in carrying through with this project,” said Mustafawi.
“Our partnership with Al Meera is in line with our strategy to consistently support national Qatari companies by providing them with the best financial solutions that help them extend their businesses within and beyond Qatar as well as enhance their financial positions.”
The Peninsula
