The Board of Directors of Qatar Navigation (Milaha) Q.S.C. met to discuss the recommended rights issue, which was formally announced on March 25, 2012, and raised to the General Assembly at the company's EGM on April 15, 2012.
As part of the Extraordinary Meeting held in April, the General Assembly approved the Board of Directors' recommendation to increase the company's paid-up capital by 20%, from QR1,145,252,000 to QR1,374,302,400, through the issuance of 22,905,040 new shares offered to the company's existing shareholders.
The General Assembly authorised the Board of Directors to consult an investment bank or independent expert to review the recommended issue price of QR57 per share, including the nominal value of QR10 per share and a premium of QR47, and to confirm the reasonableness of the suggested price.
The Board consulted two independent experts, who provided both valuations as well as benchmarking of the discount. Both independent experts confirmed that the suggested price of QR57 is reasonable.
An official announcement will be made providing information to existing shareholders on the subscription dates and other terms and conditions, upon obtaining final approval from the concerned authorities. The rights issue is expected to take place in the 4th quarter of 2012.
The objective of the capital increase is to fund Milaha's growth plans in its core businesses in the coming years.
NBAD Issues $465m convertible bonds
The National Bank of Abu Dhabi (NBAD) has issued $465m senior unsecured convertible bonds, convertible into ordinary shares of NBAD.
The offering, due in 2018, was increased from an initial
Markaz profits reach KD2.56m in Q1 2013
Kuwait Financial Centre (Markaz) announced a net profit of KD2.56m for the first quarter ending 31st March 2013, a net profit of 5 fils per share as compared with a net profit of KD2.82 during the sa
Arabtec wins $108m Saudi hospital contract
A subsidiary of Dubai-based contractor Arabtec Holding has won a SR404-million ($107.7 million) contract to build a hospital in Saudi Arabia, the company said in a statement on Saturday.
KFH-Research: Participation banks growing rapidly in Turkey
KFH-Research issued a report stating that participation banks (Islamic banks) in Turkey form 5.2% of banking assets and will reach 10% by 2018, since those banks surpass the rest of the banking secto
ADS Securities signs MoU with Asian conglomerate Tune Group
In a landmark strategic alliance, ADS Securities, the Abu Dhabi-based brokerage and financial services trading company signed a Memorandum of Understanding (MOU) with Asian conglomerate Tune Group th