In connection with the transaction, each 2.2 shares of Qatar Shipping issued and outstanding have been exchanged for one newly issued share of Qatar Navigation pursuant to Article 282 bis 1 and 282 bis 2 of the Commercial Companies Law. The exchange of shares has now been completed on the facilities of the Qatar Exchange. Qatar Shipping is now a wholly owned subsidiary of Qatar Navigation, and its shares are going to be delisted from the Qatar Exchange soon . Checks representing cash payments in lieu of fractional shares are expected to be mailed to former Qatar Shipping shareholders within 10 days.
Commenting on today’s announcement HE Sheikh Ali bin Jassim Al Thani chairman and manging director of Qatar Navigation stated, “Today’s historic announcement embodies the vision of His Highness the Emir, Sheikh Hamad bin Khalifa Al-Thani, to create and grow major leading companies that benefit the State of Qatar. This acquisition offers investors the unique opportunity to take full advantage of the long-term potential of our industry and subsidiary markets. With the addition of liquid bulk shipping to the existing container shipping (feeder business), dry bulk shipping, port management services, ship repair facilities, land transport, warehousing and cargo handling lines of business, it is expected to create a strong customer offering that will drive growth both in existing and new markets. The amalgamation of the offshore businesses creates increased efficiencies and enhances our competitive positioning.
I would like to warmly welcome our new shareholders to the enlarged group and I am confident that all our shareholders will see genuine value created.”
Thursday, April 15- 2010 @ 12:31 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.