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Qatar Shipping, Qatar Navigation announce Board decisions to proceed with merger and Board approvals of exchange ratio

Qatar: Saturday, January 30 - 2010 @ 14:58

The intent to explore a potential transaction was first announced in November 2008. A Steering Committee was formed to consider the evaluation done by advisers who were appointed to study the potential transaction. The decision to move forward and agreement as to an exchange ratio was arrived at, further to the advice of the Steering Committee, following a thorough evaluation process. The merger evaluation phase of the proposed merger process has therefore been completed and the next phase for the implementation has now begun.

The transaction remains subject to finalization of structuring matters, negotiation of the terms of definitive merger documentation, approval by the shareholders of both companies, full regulatory and legal approval and customary closing conditions. Further announcements will therefore be made available in due course.

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Saturday, January 30- 2010 @ 14:58 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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