Al Meera gets nod for rights float to increase capital

January 03, 2013 - 1:29:09 am

DOHA: Al Meera Consumer Goods Company has announced that the proposal to increase the capital through a rights issue of 100 percent of total capital to the existing shareholders was approved by the Ministry of Business and Trade. The subscription will begin on January 27, 2013, and end on February 10, 2013, at 1pm.

A QE filing noted the right of subscription shall be given to the existing shareholders at a price of QR95 per share - QR10 nominal value plus a premium of QR85.

The number of new shares offered for the rights issue is 10m ordinary shares. No shareholder is allowed to own more than 5 percent of the total number of shares of Al Meera Consumer Goods Co, with the exception of Government of Qatar.

Shareholders are also not allowed to transfer their right for subscription to the capital increase to another person, natural or juristic. The shares from this rights issue are not entitled for any dividends for the financial year ending December 31, 2012.

The Peninsula