Jun 02 2010 |
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New Barwa Shares Now Listed On The Qatar Exchange
Doha, 2 June 2010 - Barwa Real Estate Company Q.S.C. (" Barwa ") and Qatar Real Estate Investment Company Q.S.C. (" Alaqaria ") announce that, following the completion of Barwa 's successful offer to acquire all of the share capital of Alaqaria (the "Offer"), new Barwa ordinary shares have now been issued to those Alaqaria shareholders who did not receive their Barwa ordinary shares on 25 April 2010. These Alaqaria shareholders did not accept Barwa 's Offer by 14 April 2010 (the closing date of the Offer) and held, in aggregate, 15% of Alaqaria 's share capital.The issuance of the new Barwa ordinary shares follows an Alaqaria Extraordinary General Meeting held on 23 May 2010 at which shareholders approved conversion of Alaqaria into a private joint stock company and delisting from the Qatar Exchange and (ii) conversion of the remaining shares of Alaqaria to Barwa shares (at the exchange ratio of 1.1 Barwa shares for each Alaqaria share). Accordingly, Alaqaria is now a wholly-owned subsidiary of Barwa and is in the process of being delisted from the Qatar Exchange .
A summary of final acceptances relating to the Offer is as follows:
85% | |
Alaqaria
shareholders accepting Offer after |
4% |
Alaqaria
shareholders whose shares have been converted to Barwa shares pursuant to Extraordinary General Meeting approval | 11% |
Total | 100% |
Accordingly, in addition to the shares that were issued by Barwa on 25 April 2010, a further 14,288,147 new Barwa ordinary shares have been issued to Alaqaria shareholders. In addition, a further 11,690,302 new Barwa ordinary shares have been issued to Qatari Diar Real Estate Investment Company Q.S.C. in order to maintain its 45% equity shareholding in Barwa , as per the terms contained in the Offer document. The new number of outstanding Barwa ordinary shares following the increase is 389,124,637.
The listing and admission to trading of the new
Barwa
ordinary shares has been approved by the Ministry of Business and Trade ("MBT") and the Qatar Financial Markets Authority ("QFMA").
- 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
[1] These shareholders have received their
Barwa
shares on
© Press Release 2010
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