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260641
Tue, 10/23/2012 - 21:17
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http://m.oananews.org//node/260641
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Mannai Corporation to Increase Share Capital by 33%
Doha, October 23 (QNA) - Mannai Corporation will increase its share capital by 33% from QR 342,144,000 to QR456,192,000 by issuing 11,404,800 new shares to its shareholders.
The company's board of directors approved this decision at its Extraordinary General Assembly Meeting held here last night.
The assembly also approved the amendment of Article (6) of the Articles of Association at the meeting. The rights share will be offered at QR 60 which includes a premium of QR 50 over its face value of QR 10. Shareholders will get one new share for every three held.
The rights share will be given to the shareholders who are registered with the Qatar Exchange (QE) as of closing on October 21, the company said.
In his address to the assembly, Board of Directors' Chairman HE Sheikh Hamad bin Abdulla bin Khalifa Al Thani said, "I am pleased and privileged to convey further progress on our commitment to expand and diversify Mannai Corporation's business operations through acquisition in the region.
"We have recently acquired a majority interest in Damas International Limited. Damas is a very attractive retail brand with the largest retail jewellery network in the region. This acquisition is in line with our strategy to diversify Mannai s earnings by expanding our presence beyond Qatar and investing in businesses that will contribute significant value over the mid-long term."
The 33% increase in capital is for partly refinancing the short term bank loans which funded the acquisition, the company said.
Group Chief Executive Officer Alekh Grewal said, "The strategy of expanding geographically has contributed to the substantial growth in revenue and profits."
Earlier, Mannai Crop reported a net profit of QR 299.9 Million for the nine month period ended September 30, which is an increase by 47% over the same period last year (Q3-2011: QR 203.6 Million). The company's revenue increased 98% to QR 3.232 Billion compared to QR 1.634 Billion over the same period as last year.
The net profit attributable to the Group is QR 258.4 Million compared to QR 203.6 Million for the same period in the previous year. Basic earnings per share have risen from QR 7.14 to QR 7.55 during the 9 month period. (QNA)