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Qatar Stock Exchange (QSE), in cooperation with Qatar Central Securities Depository Company, announces their 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 Khaleej Commercial Bank (Al Khaleeji). The execution will take place after the end of the trading session for tomorrow, Tuesday, November 30, 2021. The capital of Masraf Al Rayan after the increase will be 9.3 billion Qatari riyals distributed over 9.3 billion ordinary shares. The shares of Masraf Al Rayan will be tradable with the new capital as of Wednesday, December 1, 2021.
On the same date, the Qatar Stock Exchange will delist Al Khaleeji Commercial Bank (Al Khaleeji) on all related systems 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, December 1, al khaliji 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 all regulatory approvals relevant to merger were obtained and completed to allow Masraf Al Rayan acquire the entire shares of Al Khaleej Commercial Bank (Al Khaleeji). The merger resulted in an increase in Masraf Al Rayan’s capital by the amount of the Gulf Bank’s value, which was reached through independent evaluation reports from Accredited valuers with the approval of the regulatory authorities. Based on valuation reports, the exchange rate of shares between the two banks was 1: 2 (that is, each share of Masraf Al Rayan corresponds to two shares of Al Khaliji).
