al khaliji shareholders approve merger with Masraf Al Rayan

Doha: Al Khalij Commercial Bank (al khaliji) P.Q.S.C. (al khaliji) yesterday successfully held its Extraordinary General Meeting (EGM) electronically during which the shareholders of the bank considered and passed five resolutions pertaining to the ongoing merger with Masraf al Rayan Q.P.S.C. (Al Rayan).

Shareholders approved the dissolution of al khaliji for the purpose of its merger with Al Rayan subject to all applicable laws and regulations. As a result, trading in al khaliji shares will be suspended with immediate effect until the completion of the merger (or effective date). At this date, al khaliji shareholders will be issued shares of Al Rayan. 

Additionally, the shareholders approved the proposed merger of al khaliji and Al Rayan, which is to be effected by way of a merger pursuant to Article 278 of Qatar Commercial Companies Law Number 11 of 2015 and its subsequent amendments and the provisions of the Qatar Central Bank Law Number 13 of 2012, through the issuance of new shares in Al Rayan on the basis of the shareholders of al khaliji receiving 0.5 Al Rayan shares for every 1 share in al khaliji (Exchange Ratio), subject to obtaining all regulatory approvals and fulfilling all the conditions precedent set out in the Merger Agreement dated January 7, 2021 between al khaliji and Al Rayan (the Merger Agreement).