Doha – Mubasher: The Extraordinary General Assembly of Al Khaleeji Commercial Bank “Al Khaleeji” approved the dissolution of the company for the purpose of merging it with Masraf Al Rayan through merger, taking into account all the provisions of applicable laws and legislation.
The general assembly also approved, according to a statement to the Qatar Stock Exchange yesterday, Wednesday, the proposed merger between Masraf Al Rayan and “Al Khaliji” through the merger, through the issuance of new shares in Masraf Al Rayan in favor of “Al Khaliji” shareholders on the basis that the latter’s shareholders received 0.5 shares in Masraf Al Rayan’s new shares. For every one share in “Al Khaliji”.
This comes after obtaining all regulatory approvals, and fulfilling the preconditions set out in the merger contract signed on January 7, 2021 between Al Khaliji Bank and Masraf Al Rayan (the merger contract).
The Extraordinary General Assembly approved the extension of the term of the Board of Directors of “Al Khaliji” with its current composition and current members, as they were selected in the General Assembly of Shareholders held on February 27, 2018, until the completion of the merger process.
The assembly also approved the valuation report of Barclays approved to issue a fair opinion on the fairness of the exchange ratio, which concluded that the exchange ratio for the proposed transaction, which concludes that the value of Al Khaliji Bank is 1.8 billion new shares in Masraf Al Rayan’s capital, is a fair ratio from a financial point of view, for shareholders. Gulf”.
Finally, the General has authorized the Board of Directors or any person authorized by the Board of Directors or the Chairman of the Board of Directors, to adopt any decision or take any action, as needed; to implement any or all of the decisions, including applying for the necessary approvals from any regulator, whether in Qatar, the UAE or France; To terminate and announce the merger between Al Khaliji Bank and Masraf Al Rayan, transfer the assets of Al Khaliji Bank to Masraf Al Rayan, dissolve Al Khaliji Bank and sign any documents and agreements.
Yesterday, the Extraordinary General Assembly of Masraf Al Rayan also approved the proposed merger with Al Khaleeji Commercial Bank “Al Khaleeji” by joining the bank’s shares to the bank, provided that Al Rayan will be the remaining entity after the completion of the merger..
It is noteworthy that the two banks have announced last July In accordance with the merger agreement signed between them on January 7, 2021, the two parties agreed to appoint Fahd bin Abdullah Al Khalifa as CEO of Masraf Al Rayan Group..
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