Mar 31 2010 |
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Alaqaria EGM approves Barwa offer
Shareholders now have only 14 days to accept Barwa offer31 March 2010 - Shareholders of Qatar Real Estate Investment Company (" Alaqaria "), one of Qatar's leading public shareholding companies, yesterday approved the Company's plans to combine its business with Barwa Real Estate Company (" Barwa ").
Shareholders representing 77.5% of Alaqaria 's outstanding share capital attended the Extraordinary General Meeting (EGM) and approved the terms of and conditions of the proposed transaction that will create the largest listed real estate company in Qatar by assets and the GCC's sixth largest listed real estate group by market capitalisation.
Commenting on the shareholder approval of the transaction, Sheikh Khalid Bin Khalifa Al Thani, Chairman of Alaqaria , said, "Today is a historic day for Alaqaria as it takes the company one step closer to combining its business with that of Barwa ."
The Shareholders of Alaqaria approved all the resolutions put forth at the EGM.
The Offer Document and Acceptance Form are available on at the head office of Alaqaria , Museum Street, Old Salata, Doha (Tel: 408 6121).
The deadline for the submission of acceptances is 14 April 2010. Alaqaria shareholders can also call the shareholder hotline on 800 1090 should they have any questions.
Barwa is offering to acquire, subject to the terms and conditions set out in the Offer Document, each Alaqaria share in exchange for 1.100 shares in Barwa . This exchange ratio represents a 30.6% premium over Alaqaria 's closing share price on 7 January 2010, the trading day prior to the announcement of the initial terms of the transaction.
-Ends-
ABOUT ALAQARIA
Alaqaria
is a Qatari public shareholding company, with diversified activities in the real estate sector in the State of Qatar, and the largest real estate developer in the industrial cities of Qatar.
Alaqaria
was established in 1995. The Company was one of the first to be listed on the Doha Securities Exchange (renamed as Qatar Exchange) and is rated Baa1 by Moody's and BBB+ by Fitch.
Alaqaria
's total shareholders' equity was QR 2.0 billion and total assets were QR 6.6 billion as of 30 September 2009.
CONTACTS
For more information on Alaqaria
Capital MS&L
Patrick Forbes / Farris Bukhari
+974 588 5345
© Press Release 2010
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