Al Meera Appoints Masraf Al Rayan to Manage Rights Issue Subscription

Doha, January 20 (QNA) - Al Meera Consumer Goods Company (Al Meera) has appointed Masraf Al Rayan, one of Qatar's leading financial institutions, to manage the subscription to raise its capital by 100%. In a statement released today Al Meera said it has completed all measures related to raising its capital by 100% through the issuance of 10,000,000 ordinary shares for subscription by its existing shareholders. The process will begin on the 27th of January 2013, and continue through until the 10th of February 2013, it said. "Al Meera's growth in the past several years has been extraordinary; therefore, a rights issue was imperative in light of the company s new market position," said Dr. Mohammed Nasser Al Qahtani, Deputy Chief Executive Officer of Al Meera. "Simultaneously, Qatar's economic development has also been extraordinary to say the least, and this capital increase will allow us to expand and compete more effectively in Qatar and other markets." Al Meera's rights issue is in line with the company's decisions of its Extraordinary General Meeting held on the 8th of October 2012 to double the company's capital through a rights issue to its existing shareholders. The rights issue will be priced at QR 95 per share (QR 10 nominal value and QR 85 premium). Dr. Al Qahtani also commented on the company's appointment of Masraf Al Rayan to oversee the rights issue transaction over the entire two-week period. "Our selection of Masraf Al Rayan for the rights issue is completely aligned with Al Meera's objectives of maintaining all its banking transactions through partners who prove to have strong financial platforms and flexible solutions for our requirements," explained Al Qahtani. "Masraf Al Ryan was a natural choice, as the bank is one of Qatar's leading Islamic financial institutions with a history of delivering excellence. We look forward to working even closer with the institution in the future as we continue to grow and develop." Adel Mustafawi, Masraf Al Rayan's Group Chief Executive Officer, thanked Al Meera for its vote of confidence by selecting the bank to handle the rights issue transaction. "We are delighted to have been appointed as the partner bank for the service by Al Meera, which reflects the company's faith in Masraf Al Rayan's capabilities in carrying through with this project," said Mustafawi. "Our partnership with Al Meera is in line with our strategy to consistently support national Qatari companies by providing them with the best financial solutions that help them extend their businesses within and beyond Qatar as well as enhance their financial positions." (QNA)