(MENAFN- The Peninsula) Al Meera Consumer Goods Company (Al Meera CGC) announced that its subsidiaries, Al Meera Holding Company and Al Meera Development Company and, together with Al Meera Holding, intends to transfer a 49 percent stake in Al Oumara Bakeries Company LLC to Qatar Quality Food LLC for a purchase price of QR3m.
In a regulatory filing to Qatar Exchange (QE), Al Meera CGC said yesterday Al Meera Holding Company and Al Meera Development Company, both subsidiaries owned at 99 percent by Al Meera CGC, as sellers, intend to enter into a share sale and purchase agreement (SPA) with Qatar Quality Food. The Purchaser Qatar Quality Food will acquire from the Sellers 49 percent of the share capital of Al Oumara, consisting of a total of 245 shares for QR3mn.
According to Al Meera CGC, the purpose of the transaction is to bring in expertise to the bakery production and activities of Al Oumara.
As no regulatory approval is required for the transaction to be effected, there will be a simultaneous signing of the SPA and transfer of the shares, which is scheduled to occur within one week from the date of the disclosure. The QR3m purchase price will be paid in cash. Given the value of the transaction, Al Meera does not expect a material impact on its financial status.
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