Qatar retailer Meera plans $261m rights issue

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Qatar's Al Meera Consumer Goods, the franchisee for French retailer Casino's Geant hypermarkets in Qatar and Oman, will begin a rights issue at the end of January to double its paid-up capital, a statement said on Sunday.

The firm will raise QR950 million ($260.9 million) from the offering of 10 million new shares at 95 riyals each between January 27 and February 10, the bourse filing said.

The rights issue price is significantly below the current share price, which was trading 1 per cent down at 164.9 riyals at 0710 GMT.

Existing shareholders can sign up for one new share for every one share they currently hold, although they can also bid to take up any unsubscribed stock.

As well as being a franchise for Geant, Al Meera operates more than 20 supermarkets under its own banner in the gas-rich state of Qatar.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
How the UAE is sewing together a top industry

How the UAE is sewing together a top industry

In the shadows of oil and aviation, the UAE’s textiles industry...

Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Dubai's nightlife bubble: When is it going to burst?

Dubai's nightlife bubble: When is it going to burst?

A new breed of clubs and bars is sprouting in the city, but which...

12
Most Discussed
  • 15
    ‘How my Dubai mortgage landed me in a police cell’

    Not to undermine the ordeal Paris had to go through however I believe that buying a property no matter how busy I am should be followed up. Having said... more

    Friday, 31 October 2014 2:41 PM - sami
  • 10
    Do you actually own your house?

    This is unbelievable from Nakheel. In a case where we want landscape our garden with some tiles and grass costing around 12500, Nakheel is demanding a... more

    Thursday, 30 October 2014 9:06 PM - skp
  • 1
    Men arrested for working in women's shops in Saudi

    “We won’t spare any mall or shop employing expatriate men to sell women’s accessories,” the ministry’s director general in Makkah, Abdul Monem Al Shahri... more

    Friday, 31 October 2014 12:22 PM - cba