Jul 13 2009 |
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Barwa to study merger proposal; denies Swiss investment plan
DOHA: Barwa Real Estate Company has said it will study the proposed merger of its subsidiaries Barwa Real Estate Management Company, Barwa Hotels and Resorts Company and Barwa for Maintenance Services Company.
"The name of the new company resulting from the merger process, the capital and legal entity will be determined after completion of the study," the company said in a statement posted on the Qatar Exchange website yesterday.
Meanwhile, Barwa has also denied a news item published in some local newspapers regarding plans of Barwa International to invest QR1bn to develop a real estate project in Switzerland.
Barwa is among the region's top 20 real estate developers with over $ 3.76bn invested in mega-projects under development.
Qatar has encouraged firms from livestock to real estate to merge to help them grow and weather the fallout from the financial crisis.
In January this year, Barwa Real Estate and Qatar Real Estate Investment Company announced that they had been instructed by the government to merge.
The companies had said the move was in line with the government's policy on investment and was intended to generate higher rate of return on investment in Qatari shareholding companies and supporting the country's economic development. A merger was ordered between Qatar Navigation and Qatar Shipping in November last year, while in January this year Qatar's Gulf Warehousing said it was merging with Agility Qatar.
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