Alaqaria shareholders vote for Barwa merger

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Shareholders of Qatar Real Estate Investment Company (Alaqaria) have approved the company's plans to combine its business with Barwa Real Estate Company.

Shareholders representing 77.5% of Alaqaria's outstanding share capital attended the extraordinary general meeting (EGM) and approved the terms of and conditions of the proposed transaction, which will create the largest listed real estate company in Qatar by assets and the GCC's sixth largest listed real estate group by market capitalisation.

Commenting on the shareholder approval of the transaction, Sheikh Khalid Bin Khalifa Al Thani, chairman of Alaqaria, said: "Today is a historic day for Alaqaria as it takes the company one step closer to combining its business with that of Barwa."

Barwa is offering to acquire, subject to the terms and conditions set out in the Offer Document, each Alaqaria share in exchange for 1.100 shares in Barwa.

This exchange ratio represents a 30.6% premium over Alaqaria's closing share price on 7 January 2010, the trading day prior to the announcement of the initial terms of the transaction.