08 March 2004
DOHA: As part of its turnaround programme, Qatar’s Mannai Corporation undertook a major initiative in reducing its bank borrowings by signing a Debt for Equity swap agreement with its bankers last week.
A company release yesterday said this was the first transaction of its kind to be undertaken in the region where a portion of the bank debt is exchanged for a partial shareholding company. No figures on the debt swap were released by the company, though.
It was, however, described by officials as “another major step forward for Mannai Corporation,” following their move into new purpose-built showrooms and offices on Salwa Road, near Ramada junction in the beginning of last November.
A spokesperson added yesterday that the management is unchanged. Ahmed Mannai, the founder, continues to head the group as honorary chairman with Khalid Mannai as chairman. Keith Higley, an ex-banker brought in three years ago to manage the turnaround, continues as the chief executive officer.
DOHA: As part of its turnaround programme, Qatar’s Mannai Corporation undertook a major initiative in reducing its bank borrowings by signing a Debt for Equity swap agreement with its bankers last week.
A company release yesterday said this was the first transaction of its kind to be undertaken in the region where a portion of the bank debt is exchanged for a partial shareholding company. No figures on the debt swap were released by the company, though.
It was, however, described by officials as “another major step forward for Mannai Corporation,” following their move into new purpose-built showrooms and offices on Salwa Road, near Ramada junction in the beginning of last November.
A spokesperson added yesterday that the management is unchanged. Ahmed Mannai, the founder, continues to head the group as honorary chairman with Khalid Mannai as chairman. Keith Higley, an ex-banker brought in three years ago to manage the turnaround, continues as the chief executive officer.
© The Peninsula 2004
