Apr 01 2010 |
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Shareholders approve Alaqaria, Barwa merger
Qatar Real Estate Investment Company ( Alaqaria ) shareholders yesterday approved plans to combine business with Barwa Real Estate Company .Shareholders representing 77.5 per cent of Alaqaria 's outstanding share capital approved the terms of and conditions of the proposed transaction at the extraordinary general meeting (EGM), creating 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 deadline for the submission of acceptances is April 14.
Alaqaria is a Qatari public shareholding company with diversified activities in the real estate sector in Qatar.
It was established in 1995. The company is rated Baa1 by Moody's and BBB+ by Fitch. Alaqaria 's total shareholders' equity was QR2 billion (Dh2bn) and total assets were QR6.6bn as of September 30 last year.
By Staff Writer
© Emirates Business 24/7 2010
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