Qatar Navigation, Qatar Shipping ready to merge

11 Apr 2010

(MENAFN) Qatar Navigation announced that it has cleared all the hurdles to acquire Qatar Shipping, thus becoming the third to undertake mergers and acquisitions, QNA reported.

As per the transaction, each 2.2 shares in Qatar Shipping shall be exchanged for one newly issued share of Qatar Navigation and the former will become a wholly-owned subsidiary of the latter.

According to the transaction scheme, former shareholders of Qatar Shipping will hold approximately 37 percent of the outstanding share capital of the enlarged Qatar Navigation and the current shareholders of Qatar Navigation will hold about 63 percent of the outstanding share capital of the enlarged Qatar Navigation.

Both the companies’ shareholders approved the transaction at their extra-ordinary general assembly meetings held in Doha.

The combined entity will create a large Qatari logistics and maritime player with clear leadership in the Qatari market and the potential to become a major regional player with a firm basis to establish and grow its presence in international markets, according to the board of both the companies.

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