Milaha Obtains Approval from QFMA to Buyback its Stock

Doha, June 04 (QNA) - Qatar Navigation (Milaha) announced Tuesday that it has obtained approval of the Qatar Financial Markets Authority (QFMA) with regard to its request to repurchase the company's shares as treasury stock. A statement released by the company today said that Milaha's board of directors approved the use of the investment portfolio to fund the repurchase of up to 5% of the outstanding shares of the company, stressing that the company pursued procedures of Qatar Financial Markets Authority and is hoping that the program will be implemented as soon as possible. Established in 1957, Milaha has become one of the largest and most diversified maritime and logistics companies in the Middle East. Its operations now range from ocean transport and offshore support services, to 3PL (third party logistics) and ancillary solutions. (QNA)