DOHA: Barwa Real Estate Company QSC (Barwa) yesterday announced the closing of its offer to acquire the share capital of Qatar Real Estate Investment Company QSC (Alaqaria) in exchange for shares in Barwa.
The Offer has been accepted by shareholders of Alaqaria representing 85 percent of its share capital, exceeding the minimum 66 percent 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.
Ghanim bin Saad Al Saad, Chairman and Managing Director of Barwa and Managing Director of Qatari Diar Real Estate Company said, yesterday: "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".
Sheikh Khalid bin Khalifa bin Jassem Al Thani, Chairman and Managing Director of Alaqaria, added: "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."
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.
© The Peninsula 2010
