Apr 17 2010 |
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Barwa offer to Alaqaria shareholders closes
Shareholders representing 85% of Alaqaria 's share capital have accepted the Offer17 April 2010 - Doha, Barwa Real Estate Company Q.S.C. (" Barwa ") today announced the closing of its offer to acquire the share capital of Qatar Real Estate Investment Company Q.S.C. (" Alaqaria ") in exchange for shares in Barwa (the "Offer").
The Offer has been accepted by shareholders of Alaqaria representing 85% of its share capital, exceeding the minimum 66% threshold on which the transaction was conditional.
The closing of the Offer follows approvals of resolutions relating to the transaction by shareholders of Barwa and Alaqaria at their respective extraordinary general meetings held in Doha on 30 March 2010.
"I am delighted that we have received such significant endorsements from both Alaqaria and Barwa shareholders, which clearly underlines the strategic rationale for the transaction. The combination will further enhance Barwa 's position as a leading regional real estate company in bringing together two highly complementary businesses. By joining forces, we are creating a world class real estate business that allows us to compete with the best in the world on new projects both domestically and internationally. We welcome Alaqaria in joining us at Barwa ".
"Today is a historic day for Alaqaria . Our shareholders have clearly recognized the benefits that the combination with Barwa creates. Together, we look forward to continuing to pursue Alaqaria 's proven successful strategy to grow and manage our substantial portfolio of assets under the Barwa umbrella."
Trading in the Alaqaria shares has been suspended from Thursday 15 April 2010. It is expected that the new Barwa shares will be issued to Alaqaria shareholders by the end of April 2010.
Barwa has decided that it will continue to allow Alaqaria shareholders to accept the Offer after today on the same terms as set out in the Offer Document and Shareholder Circular (which is available at the dedicated transaction website, www.barwa-alaqaria-merger.com) until otherwise advised. Such shareholders can continue to accept the Offer by returning the signed Form of Acceptance to the head office of Alaqaria , Museum Street, Old Salata, Doha.
Goldman Sachs International and The First Investor Q.S.C.C. are acting as financial advisers to Barwa , and J.P. Morgan is acting as financial adviser to Alaqaria . Linklaters LLP and Hassan Al Khater Law Office are acting as legal advisers to Barwa , and White & Case LLP and Badri and Salim El Meouchi Law Firm LLP are acting as legal advisers to Alaqaria .
-Ends-
For more information on Barwa
Citigate Dewe Rogerson
Seb Hoyle / Ayman Hammamieh
+974 452 8335
For more information on Alaqaria
Capital MS&L
Patrick Forbes / Farris Bukhari
+974 588 5345
Seb Hoyle
Director, Middle East
Citigate Dewe Rogerson
Level 15, Commercialbank Plaza
PO Box 27111
Doha, Qatar
Email: Sebastian.hoyle@citigatedr.com
Tel: +974 452 8335 / Fax: +974 452 8383
Mob (Qatar): +974 5467 917
Mob (UK): +44 7799 476804
© Press Release 2010
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