Al Meera Holding Company LLC (commercial registration number 51627) (owned 99% by Al Meera Consumer Goods Company QSC and 1% by Al Meera Supermarkets Company) has entered into a MOU agreement with Mr J.P Kalwani   , who owns the entire issued share capital of SAFEER ARABIAN INTERNATIONAL W.L.L,   incorporated in the Sultanate of Oman, under Commercial Registration No.1086394.

Subject to the terms and conditions set forth in the signed MOU,  Mr J.P Kalwani   wishes to transfer and sell the net assets of  SAFEER  ARABIAN INTERNATIONAL W.L.L  to one of Al Meera Consumer Goods Affiliate companies, Al Meera Holding. FEER ARABIAN INTERNATIONAL W.L.L operates 1 hypermarket and 4 supermarkets in the territory of the Sultanate of Oman.

“Our expansion strategy is in full swing,” explained Al Meera’s Deputy Chief Executive Officer, Dr. Mohammed Nasser Al Qahtani. “With a strong foothold in Qatar, we are looking outwards to transfer knowledge and expertise in other markets to mirror our successes in Qatar.  Our MOU with Safeer Arabian International is an additional step in fulfilling our on-going strategy.”

In supporting the aggressive expansion plan, Al Meera Consumer Goods’ Board of Directors recently proposed increasing the firm’s capital by 950,000,000 Qatari riyals. Beginning of this week, Al Meera Consumer Goods Company’s Board had disclosed to the market its intention  to request a call for Extraordinary General Meeting to discuss and endorse the increasing of  the capital through a rights issue to the shareholders , with a value of QAR 950,000,000, subject to the approval of the relevant authorities . Ten million rights would be issued at the rights price of Ten Qatari Riyals per share + a premium of Eighty Five Qatari Riyals per share.

Not only does the increase provide a lucrative opportunity for the company’s shareholders (as the capital increase will come through a rights issue), but will also provide the capital required to fund Al Meera’s ambitious strategy.

During the last General Assembly early this year, the Al Meera Board of Directors had stated that “Al Meera is looking forward to expanding its activities in order to deepen its presence in various spheres of commercial activities in the local and regional markets, whether independently or through strategic relationships”; the recent publications demonstrate an aggressive plan to deliver against such statement.

“We are expanding both within and outside Qatar,” explained Dr. Al Qahtani.  “This is a promise we made to our shareholders and other stakeholders, and we believe that our actions speak for themselves when it comes to delivering on that promise.”