Al Meera Rights Issue Oversubscribed 41.37%

Doha, February 27 (QNA) - Al Meera Consumer Goods Company (Qatar Exchange: MERS) rights share issue of QR 950 Million has been oversubscribed by 41.37%, a Qatar Exchange notification said Wednesday. The rights subscription value received was QR 1.343 Billion, oversubscribed by QR 393 Million. Regulatory authority which had earlier approved the subscription process has informed Masraf Al Rayan Bank to refund the excess amount to the respective shareholders at the earliest. The rights issue subscription to increase its capital that was earlier approved during Al Meera's Extra Ordinary General Assembly meeting held in October 2012. Earlier this week on February 25, Al Meera had taken a major step toward evolving into one of the leading retailers of ther region with the inauguration its first Geant Hypermarket at Hyatt Plaza Mall in Doha. The Vice Chairman of the Board of Al Meera Consumer Goods Company Vice Chairma Saif Al Sowaidi, who presided over the inauguration had said, "The opening of the Geant Hypermarket conforms our commitment to all our stakeholders, including both our shareholders and our customers. The last traded value of Al Meera share on QE was QR 143. (QNA)