DOHA: Zad Holding is to launch the subscription to its right issue with Masraf Al Rayan picked as a transaction manager.
The company yesterday announced the completion of all measures related to raising its capital by 30 percent through the issue of 3,018,708 shares for subscription by its existing shareholders. It had announced earlier that the subscription process has been scheduled to start on April 3, 2011 and will continue until April 17, 2011.
Meanwhile, the company announced at a news conference the signing of an agreement with Masraf Al Rayan to manage the subscription. Present at the news conference yesterday were Sheikh Thamer bin Mohammed bin Jaber Al-Thani, member of Zad Holding's Board of Directors, and Adel Mustafawi, Group CEO of Masraf Al Rayan.
Sheikh Thamer explained that Zad Holding Company has decided to increase its capital in light of the economic growth and development witnessed in Qatar, asserting his company's keenness to contribute to such growth through ongoing and prudent expansions of the company's businesses.
Zad holding company Extraordinary AGM decided to increase the share capital of the company by 30 percent through rights issue to be offered to its exciting share holders(3 shares for every 10 shares held). The rights issue will be priced at QR 35 per share (QR 10 of nominal value and QR25 premium).
Sheikh Thamer noted that the selection of Masraf Al Rayan for the management of the subscription is in line with the company's objectives of maintaining all its financial and commercial transactions in accordance with Islamic Shari'ah, with Masraf Al Rayan considered as one of the leading Islamic banks in Qatar, which is known for quality and accurate Islamic financial solutions.
On his part, Mustafawi, said: "We are grateful that ZAD Holding has selected our bank to lead the subscription. This reflects the company's trust in Masraf Al Rayan in accomplishing this mission. Our partnership with ZAD Holding is aligned with our constant support to Qatari companies in a drive to provide them with the best financial solutions that would help them extend their businesses and enhance their financial positions."
He said the company's rights issue comes in this particular time to ensure the ability and readiness of the Qatari market to accommodate these type of financial and investment transactions.
© The Peninsula 2011
