DOHA: Mannai Corporation, in its Extraordinary General Assembly meeting held here at Al Wajba Ballroom of InterContinental Hotel yesterday announced that it has acquired more than one third of Axiom Limited's shareholding.
Addressing the shareholders at the meeting,Sheikh Hamad bin Abdulla bin Khalifa Al Thani, Chairman of the Board of Directors, said: "I am pleased and privileged to convey further progress on our commitment to expand and diversify Mannai Corporation's business operations through acquisitions and joint ventures in the region."
"We have successfully acquired a 35 percent shareholding interest in Axiom Limited, the UAE-based largest pan-GCC mobile handset retailer and distributor in the Gulf region that trades under the Axiom Telecom brand.
This acquisition comes in line with our strategy to grow and expand in selected profitable markets outside the State of Qatar", he added.
The shareholders approved the capital increase of 20 percent for partly funding the share acquired in Axiom Ltd, Dubai, by way of issuing new shares at the rate of one share for every five shares held.
The right for subscription will be given to the shareholders who are registered in the shareholders register with the Qatar Exchange (QE) at the closing of Tuesday, at the price of QR70 per share (QR10 nominal value plus QR60 premium).
Sheikh Hamad bin Abdulla bin Khalifa Al Thani expressed his gratitude to the shareholders for their strong support in the development of Mannai Corporation since listing as a Public Company and looks forward to their continued support.
© The Peninsula 2011
