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Nakilat goes for cash call

Nakilat goes for cash call

Doha: The Qatar Gas Transport Company (a.k.a. Nakilat) has announced plans for a cash call from its shareholders in February. According to reports in the Doha (pictured) based newspaper The Peninsula, shareholders will be asked to pay the remaining QR5 per share to take the full price of the shares to QR10. Only 50% of the company's QR5.6bn share capital has been paid up so far because, at the time of the initial public offering, investors were asked to pay only half of the QR10 share price. Now, though, owing to the company's dramatic tonnage acquisition programme, the outstanding money is needed. According to a statement from the company's board of directors, the cash call will be effective from February 1st, 2007 and will be open for 15 days. Shareholders who fail to pay the outstanding sum will forfeit their shares which will, in turn, be resold on the stock market.  [27/12/06]

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