Qatar Navigation Q.S.C.

Shares in Qatar Navigation Q.S.C. to resume trading on the Qatar Exchange

[14] April 2010 - Doha, Qatar Navigation Q.S.C.. today announced completion of the acquisition and transfer of all Qatar Shipping Company Q.S.C shares .  Shares of Qatar Navigation, including new shares issued in the transaction, are expected to resume trading on the Qatar Exchange today [15] April 2010 now that all the required regulatory requirements have been fulfilled.  Trading was temporarily suspended on 8 April 2010 in connection with the ordinary and extraordinary general assembly meeting of Qatar Navigation and the extraordinary general assembly meeting of Qatar Shipping during  which shareholders voted to approve the transaction. 

In connection with the transaction, each 2.2 shares of Qatar Shipping issued and outstanding have been exchanged for one newly issued share of Qatar Navigation pursuant to Article 282 bis 1 and 282 bis 2 of the Commercial Companies Law.  The exchange of shares has now been completed on the facilities of the Qatar Exchange.  Qatar Shipping is now a wholly owned subsidiary of Qatar Navigation, and its shares are going to be delisted from the Qatar Exchange soon .  Checks representing cash payments in lieu of fractional shares are expected to be mailed to former Qatar Shipping shareholders within [10] days. 

Commenting on today’s announcement [HE Sheikh Ali bin Jassim Al Thani chairman and manging director  of Qatar Navigation stated:

"Today's historic announcement embodies the vision of His Highness the Emir, Sheikh Hamad bin Khalifa Al-Thani, to create and grow major leading companies that benefit the State of Qatar. This acquisition offers investors the unique opportunity to take full advantage of the long-term potential of our industry and subsidiary markets. With the addition of liquid bulk shipping to the existing container shipping (feeder business), dry bulk shipping, port management services, ship repar facilities, land transport, warehousing and cargo handeling lines of business, it is expected to create a strong customer offering that will drive growth both in existing and new markets. The amalgamation of the offshore businesses creates increased efficiencies and enhances the competitive positioning.  

I would like to warmly welcome our new shareholders to the enlarged group and am confident that all our shareholders will see genuine value created."

Ends