Mannai Corporation held the Extraordinary General Assembly meeting at the Al Silia Ballroom I Grand Hyatt Hotel, Doha on 22th October, 2012.
Addressing shareholders H.E. Sheikh Hamad Bin Abdulla Bin Khalifa Al Thani, Chairman of the Board of Directors, 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 shareholders approved the capital increase of 33% for partly refinancing the short term bank loans which funded the acquisition, by way of issuing new shares at the rate of one share for every three shares held.
The right for subscription will be given to the shareholders who are registered in the shareholders register with the Qatar Exchange (QE) at the closing on Sunday, 21st October, 2012 at the price of QR 60 per share (QR 10 nominal value plus QR 50 premium).
H.E. Sheikh Hamad Bin Abdulla Bin Khalifa Al Thani expressed his gratitude to the shareholders for their continued support in the development of Mannai Corporation since listing as a Public Company in 2007.