Jun 03 2010 |
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Qatar: Alaqaria shareholders approve de-listing
03 June 2010DOHA: Barwa Real Estate Company Q.S.C. ("Barwa") and Qatar Real Estate Investment Company Q.S.C. ("Alaqaria") have announced that, following the successful completion of Barwa 's offer to acquire all of the share capital of Alaqaria new Barwa ordinary shares have now been issued to those shareholders of Alqaria who did not receive their Barwa
ordinary shares on April 25, 2010. These shareholders did not accept Barwa 's Offer by April 14, 2010 which was the closing date of the Offer and held, in aggregate, 15 percent of Alaqaria 's share capital.
The issue of new Barwa ordinary shares follows an Alaqaria Extraordinary General Meeting held on May 23, 2010 at which shareholders approved the conversion of Alaqaria into a private joint stock company and delisting from the Qatar Exchange and also the 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 de-listed from the Qatar Exchange.
It also shows that 11 percent of Alaqaria shareholders had their shares been converted to Barwa shares following the Extraordinary General Meeting approval.
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 percent 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).
© The Peninsula 2010
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