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Mon 24 Nov 2008 10:37 AM

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Qatar Navigation, Qatar Shipping ordered to merge

UPDATE 1: Qatar gov't directs companies to merge to inspire investment and increase profitability.

Qatar Navigation Co. and Qatar Shipping Co. have been ordered by the government to merge, the Doha bourse said in a statement on its website on Monday.

"In order to inspire growth in investment and increase profitability for benefit of the national economy of the state of Qatar and its investing public, both Qatar Navigation and Qatar Shipping received a direction from the government of Qatar to merge," the statement said.

The boards of directors of both firms will study all requirements in order to proceed with the merger, it added, giving no more details.

"I think the merger is because of the fact that we are facing a global crisis," said Samer Al-Jaouni, general manager of Middle East Financial Brokerage Co. in Doha.

"The government wants to merge them to cut costs and make it more competitive. I think the performance of both companies has been profitable with good results, so why now the merger?" (Reuters)

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Tahira Jabeen 8 years ago

Due to recent world economic situation it's better to get merged and expand business with unity and strength.