Milaha discuss rights issue

The issue was raised at the 15 April Extraordinary General Meeting, where the General Assembly approved the Board’s recommendation to increase the company’s paid-up capital by through the distribution of 22,905,040 new shares.

An independent expert consulted by the board confirmed the fairness of the recommended issue price of QR57 (US$15.6) per share, as well as the nominal value of QR10 per share and a premium of QR47, and to confirm the fairness of the suggested price.

An official announcement providing information on the subscription dates and other terms and conditions will be made to shareholders after final approval from the concerned authorities. The rights issue is expected to take place in the fourth quarter of 2012.

The aim of the increase in capital is to fund Milaha’s growth plans in its core businesses in the coming years.