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Qatar shipping merger close

Qatar shipping merger close

Dubai: Qatar Navigation yesterday said it will appoint a financial adviser within the next four weeks to guide on the proposed merger of Qatar Shipping with it.

The company is expecting to complete the merger by this fiscal, a company official is quoted by local media as saying on the sidelines of annual general assembly meeting, which elected a new eight-member board.

The company's new chairman and md is H.E. Sheik Ali Bin Jassim Al Thani and   its vice chairman is Hitmi Bin Ali Al Hitmi.  Other members are H.E. Sheikh Jassim Bin Hamad Jassim Jabor Al Thani; Adil Ali Bin Ali, Mazen Jassim Mohamed Jaidah, Hamad Bin Mohammed Hamad Al Mana, Ali Ahmed Al Kuwari and Suleiman Haidar Suleiman.

Once the consultant submits the report, the board will discuss it and forward it for the approval of the shareholders through an extra-ordinary general assembly meeting, according to company officials.

"We are hoping to finish it (the merger) by this fiscal," Al Hitmi is quoted as saying.

A joint statement issued by the two companies to the Doha Securities Market in November last year said the move would "inspire growth in investment and increase overall profitability for the benefit of the national economy and its investing public." The general assembly, which met for the second time yesterday, also approved a 40% cash dividend and 20% bonus shares. [23/03/09]