Qatar- Mazaya not to merge with Mackeen

(MENAFN- The Peninsula) Mazaya Qatar Real Estate Development has decided not to proceed with its earlier decision to merge with Mackeen Holding. Mazaya's board of directors made the announcement in a regulatory filing to Qatar Exchange (QE) yesterday.

The company said it pulled from the merger deal after economical and financial studies "demonstrated the absence of common benefits in this framework for both companies".

Mazaya Qatar Real Estate Development and Mackeen Holding had announced their proposed merger last February following talks and consultations in this regard and had agreed then to commission a an international specialist office to evaluate the assets of the two companies in order to be submitted to the two general assemblies to make the final decisions on how the merger should be executed.