Al Meera Subsidiaries to Sell 49% Bakery Stake

Doha, June 30 (QNA) - Two Al Meera subsidiaries will sell their 49% stake in Al Oumara Bakeries to Qatar Quality Food (QQF) for QR 3 Million, the Qatari retail major announced Tuesday. Holding company Al Meera Consumer Goods that owns 99% stake in Al Meera Holding and Al Meera Development, today said its subsidiaries intend to close a sale purchase deal with QQF. The subsidiaries will sell 245 shares, 49% of share capital, they hold in Al Oumara Bakeries for QR 3 Million to QQF, Al Meera said. The sellers and buyer will simultaneously sign the SPA, and transfer ownership of shares, since regulatory approval is not needed for this transaction, the holding company said. The deal, to be closed within a week from the date of this announcement, will not impact Al Meera's financials, the holding company said and added, the deal will "bring expertise to Al Oumara's bakery items production". Al Meera CGC will retain more than 50% of Al Oumara's share capital. (QNA)