Al Meera Approves Proposal to Increase Capital by Issuing New Shares

Doha, October 09 (QNA) – Al Meera Consumer Goods Company announced that the company s extraordinary general assembly has endorsed a proposal to increase the Capital through rights issue of 100 % of the total capital to the existing shareholders.
 The extraordinary general assembly has decided in its meeting, held on 08/10/2012, to increase the Capital through rights issue of 100 % of the total capital to the existing shareholders at the rights price of ten Qatari Riyals per share a premium of Eighty Five Qatari Riyals per share, Al Meera said in a statement.
The general assembly also approved the amendment of the Clause No. (14) of the Articles of Association which stipulated that “Shares of any shareholder shall not exceed 2% of the total capital shares except for the Government of the State of Qatar”.
The board also approved that the members of the board of directors shall be elected for a period of three years and can be re-elected, except the Government representatives of the State of Qatar, for one more period only. The first board of directors shall remain for a period of five years.
Speaking on the occasion, Chairman of the board of Al Meera Abdulla bin Khaled al Qahtani said that in the past few years, Al Meera has taken a successful journey and embarked on an aggressive expansion strategy, that will not only see more Al Meera outlets opening up across the country, virtually guaranteeing easy access to the entire population of Qatar, but also expanding our offerings, adding that the company signed agreements with international outlets so that its name will spread beyond our borders.
“International retailers, such as WH Smith, have signed on with us to establish their own brands here in Qatar. As a result, the company’s position has changed in the market, and we have become even more dominant in the retail sector. We promise to continue this path of success and even greater revenues in the coming future,” he said.
“Had it not been the resilience and strength of the Qatari economy, Al Meera would not be where it is today. Had it not been for the government’s and the company s commitment to the Qatar National Vision 2030 and all its pillars, we would not have been able to record the incredible achievements we have been witnessing, for we consider ourselves tied to the achievements Qatar. It is not a coincidence then that Al Meera has grown in alignment with the remarkable growth and development of the country itself,” Qahtani said.  (QNA)

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