Al Meera Holding, a subsidiary of Qatar Exchange-listed Al Meera Consumer Goods Company, is all set to acquire Safeer Arabian International, which operates one hyper and four supermarkets in Oman.
Al Meera Holding (99% owned by Al Meera Consumer Goods and 1% by Al Meera Supermarkets Company) has entered into a memorandum of understanding (MoU) with JP Kalwani, who owns the entire issued share capital of Safeer.
Subject to terms and conditions set forth in the MoU, Kalwani wished to “transfer and sell” the net assets of Safeer Arabian International to Al Meera Holding.
“Our expansion strategy is in full swing. With a strong foothold in Qatar, we are looking outwards to transfer knowledge and expertise in other markets to mirror our successes in Qatar. Our MoU with Safeer Arabian International is an additional step in fulfilling our on-going strategy,” said Al Meera’s deputy CEO Mohamed Nasser al-Qahtani.
Al Meera Consumer Goods recently announced its intention to raise QR950mn through a rights issue to support its expansion plan.
The company, which has a capital base of QR100mn as on March 31, will be issuing 10mn shares at QR95 (including a premium of QR85 a piece).
Not only does the increase provide a lucrative opportunity for the company’s shareholders (as the capital increase will come through a rights issue), but will also provide the capital required to fund Al Meera’s ambitious strategy, according to its spokesman.
“Al Meera is looking forward to expanding its activities in order to deepen its presence in various spheres of commercial activities in the local and regional markets, whether independently or through strategic relationships,” its board of directors’ report said.
“We are expanding both within and outside Qatar. This is a promise we made to our shareholders and other stakeholders, and we believe that our actions speak for themselves when it comes to delivering on that promise,” al-Qahtani said.from gulf times.