National Leasing Company Plans Rights Issue in February

Doha, December 22 (QNA) - The National Leasing Holding Company will discuss at its Extra-ordinary General Assembly (EGA), February next year, the offering of rights shares at the rate of one for every two held at a premium of QR 19.50 for the nominal value of QR 10 per share. The company's Board of Directors took this decision Tuesday while drawing up its agenda for the EGA to be held February 12 as well as announcing its financial results on January 10, 2012 for the period ending December 31, 2011. Through the rights issue the company aims to increase its share capital by 50% from QR 329,868,000 to QR. 494,802,000 by issuing 16,493,400 new shares for to existing company shareholders. The unsubscribed shares will be distributed to shareholders interested in buying more shares over their allotted quota, taking into account the fair value for the share estimated approximately QR. 37 by Ernst & Young. The agenda for the EGA includes the amendment of article (6) of the Articles of Association to read, "The share capital of the company shall be QR. 494,802,000 into 49,480,200 shares at a nominal value of QR. 10 per share." The EGA will discuss authorising the Board of Directors to implement the above-mentioned resolutions and to complete all procedures before the competent authorities. The unsubscribed rights share issue will be offered at the rate deemed appropriate by the Board of Directors, in accordance with the directives of the competent authorities. The EGA will also discuss giving authority to the Board of Directors to implement the above-mentioned resolutions and to complete all procedures before the competent authorities. (QNA)