30-11-2021
Qatar Stock Exchange, in cooperation with the Qatar Central Securities Depository Company, announced its intention to take the necessary measures to implement the capital increase of Masraf Al Rayan resulting from the merger process through the merger between Masraf Al Rayan and Al Khalij Commercial Bank (Alkhaliji), after the end of the trading session for tomorrow, Tuesday, November 30 2021, so that the capital of Masraf Al Rayan after the increase will be 9.3 billion Qatari riyals distributed over 9.3 billion ordinary shares, and the shares of Masraf Al Rayan will be traded with the new capital as of Wednesday, December 1, 2021.
On the same date, the Qatar Stock Exchange will cancel the listing of Al Khalij Commercial Bank (Alkhaleeji) on all related regulations and reports, which will lead to reducing the number of companies listed on the main market to 47 companies as a result of the merger process.
As of Wednesday, 1 December Alkhaliji shareholders registered on the bank’s extraordinary general assembly held on October 6, 2021, will be able to dispose of their shares in Masraf Al Rayan resulting from the merger, according to the approved exchange rate.
It is worth noting that the merger obtained all relevant regulatory approvals, and Masraf Al Rayan acquired the entire shares of Al Khalij Commercial Bank (Alkhaliji), which resulted in an increase in Masraf Al Rayan’s capital by the amount of the Alkhaliji bank’s value, which was reached through independent evaluation reports from Accredited valuers, and after the approval of the regulatory authorities, and based on those reports, the exchange rate of shares between the two banks was 1: 2 (each share of Masraf Al Rayan corresponds to two shares of Alkhaliji).