Al Meera to acquire Omani firm’s assests
DOHA THE Al Meera Holding Company on Tuesday said it would acquire the net assets of Oman-based Safeer Arabian International.
For this, the company has signed a memorandum of understanding (MoU) with JP Kalwani, who owns the entire issued share capital of Safeer Arabian International.
According to the MoU, Kalwani will transfer and sell the net assets of Safeer Arabian International to one of Al Meera Consumer Goods affiliate companies, Al Meera Holding.
Safeer Arabian International operates one hypermarket and four supermarkets in Oman.
“Our expansion plan is progressing at full speed,” said the Deputy Chief Executive Officer, Mohammed Nasser al Qahtani.
With a strong foothold in Qatar, Al Meera is looking outwards to transfer knowledge and expertise to other markets.
“Our MoU with Safeer Arabian International is an additional step towards implementation of our on-going strategy,” al Qahtani said.
To support expansion plans, the Al Meera Consumer Goods’ board of directors recently proposed increasing the firm’s capital by QR950,000,000.
Earlier, this week, Al Meera had said it was planning to call extraordinary general meeting to discuss and endorse the increasing of the capital through a rights issue to the shareholders, with a value of QR950,000,000 The company plans ten million rights issue at a price of QR10 per share, and additionally, a premium share of QR85 per share.
The rights issue will provide the capital required to fund Al Meera’s ambitious expansion strategy.
During the last general assembly earlier this year, the Al Meera board of directors had stated that “Al Meera is looking forward to expanding its activities in the local and regional markets, whether independently or through strategic relationships”; the recent publications demonstrate an aggressive plan to deliver ont such statements.
“We are expanding both within and outside Qatar,” al Qahtani had said. “This is a promise we made to our shareholders and other stakeholders, and we believe that our actions speak for themselves when it comes to delivering on that promise.”