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Wed 8 Apr 2009 09:51 AM

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Qatar Fuel plans merger with Qatar Technical

Qatar Fuel board to discuss merger April 16, Ernst and Young to act as auditor.

Qatar Fuel Co is looking to merge with Qatar Technical Inspection Co and could offer one share in Qatar Fuel for every 5.3 shares in Qatar Technical, a newspaper reported on Wednesday.

Qatar Fuel's board would meet on April 16 to discuss the proposed merger, Qatar daily The Peninsula reported, citing a company statement.

Shares of Qatar Technical have rallied 31.9 percent in the last three trading days.

Ernst & Young has been appointed as an auditor for the proposed merger, the latest in a series of consolidation plans by companies in the world's top exporter of liquefied natural gas, the newapaper said.

Earlier this month, Barwa Real Estate said it expected to close a merger with Qatar Real Estate Investments Co in four to six months.

The government has also this year called on Qatar Meat & Livestock Co and Al Meera Consumer Goods Co to merge, while Qatar Navigation Co and Qatar Shipping Co were ordered to combine in November. (Reuters)

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