(MENAFN - Qatar News Agency) Al Meera Consumer Goods Company (QSC: MERS) 10 million rights share issue to increase its paid-up capital will open here January 27 for subscription by shareholders registered with the Qatar Exchange (QE), the company has said.
The Qatari company's rights issue expects to raise QR 950 Million by offering shareholders one new share for every share currently held at the nominal value of QR 10 plus a premium of QR 85 for a total of QR 95 per share.
The rights issue subscription, offered much below the share price of QR 162.50 quoted on QE at 11am Monday, will close at 1pm Qatar time on February 10 next month.
"Shareholders have the right to subscribe to any non-fractional number of shares equivalent to 100% of their existing shares (one for each held share) and they could also subscribe for more than 100%, providing their share does not exceed more than five per cent of the total number of shares of Al Meera," the company said.
Subscription right is non-transferable and share received from the rights issue "are not entitled for any dividends for the financial year ending December 31, 2012", the company said.
Shareholders can submit their applications for the rights issue through Masraf Al Rayan bank branches in Qatar. The company will offer the unsubscribed portion of the rights issue to the public if it is not fully subscribed by shareholders, Al Meera said.