| 10 Mar 2010 |
|
Alaqaria shareholders to benefit from 30.6pc premium
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DOHA: Sheikh Khalid bin Khalifa Al Thani yesterday said the proposed merger with BarwaBarwa
is the logical development with a natural partner of AlaqariaAlaqaria. "It will result, in our view, in the continued delivery of value for our shareholders whilst taking advantage of BarwaBarwa's growth potential, international presence and diversified activities," he said.
He said the agreed exchange ratio of 1.1 BarwaBarwa shares for each AlaqariaAlaqaria share represents a 30.6 percent premium over AlaqariaAlaqaria's share price on January 7, the trading day immediately prior to the first announcement of the initial terms of the proposed transaction.
For AlaqariaAlaqaria shareholders to benefit from this 30.6 percent premium, they must actively participate in the offer process with the closing date for acceptances set on April 14.
Sheikh Khalid urged the shareholders to attend the AlaqariaAlaqaria Extraordinary General Meeting (EGM) and vote in favour of the proposed resolutions.
He also called on BarwaBarwa
shareholders to take on action in order for this transaction to proceed and asked to attend the Barwa EGM and vote in favour of the proposed resolutions. "This transaction represents an excellent strategic fit for AlaqariaAlaqaria and BarwaBarwa, and will result in significant benefits for employees, customers and shareholders of both companies. We look forward to working together following shareholder approval," said AlaqariaAlaqaria Chairman. The shareholders' approval of the proposed transaction will be sought at EGMs of BarwaBarwa and AlaqariaAlaqaria to be held on March 30. "Today marks a very important milestone for this landmark transaction for AlaqariaAlaqaria and BarwaBarwa," said Sheikh Khalid. "Since the issuance of the Government directive asking our two companies to consider a potential combination, we have taken all the necessary steps to study and execute the transaction in accordance with international standards and best practice. Throughout this process, we have sought to protect the interests of the shareholders of both companies and to strengthen the image of Qatar as a regional and international financial centre."
He said the Boards of AlaqariaAlaqaria
and BarwaBarwa have now approved the full terms of this proposed merger. The regulatory authorities have also given their approval for the transaction. Today marks the opening of the offer period, he said. This provides AlaqariaAlaqaria shareholders with the opportunity to accept the offer that BarwaBarwa is making for the shares of AlaqariaAlaqaria.
He added that over the last few years, AlaqariaAlaqaria's management has consistently delivered value to its shareholders. "This is testament to the strength of the company's strategy, which is to deliver a sustainable and profitable business characterised by low risk, stable returns over the long run," he said.
By Nasser Al Harthy
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