Al Meera eyes capital boost through rights issue
Doha, March 23, 2013
Qatar-based consumer goods company Al Meera, the franchise for French retailer Casino's Geant hypermarkets in Qatar and Oman, aims to double its capital base from QR100 million to QR200 million ($27.4 million to 54.8 million) through issue of 10 million shares.
The rights shares were issued at the price of QR95 per share (QR10 nominal value plus QR85 premium), said a statement from the company.
The Qatari retailer aims to raise QR950 million ($260.7 million) from the offering of 10 million new shares at QR95.
Al Meera had last year announced plans to run 38 outlets - including hypermarkets, supermarkets and convenience stores - in Qatar and Oman as part of its agressive expansion strategy besides operating 100,000 sq m of retail space by 2017.
Unveiling the details, Al Meera said the total number of subscribed shares rose to 14.1 million, while the number of rights issue subscribed soared to 6.46 million.
The excess shares available for allocation have been allocated to subscribers on a pro rata basis in proportion to the number of shares they have subscribed for, said the company in a statement.
A total of 3.52 million shares have been allocated to shareholders and the fractions amounted to 680 shares.-TradeArabia News Service