Mannai mull 20% rights share issue

The Extraordinary General Assembly of Mannai Corporation convenes today to discuss and approve the proposal to increase the company''s share capital by 20%. Qatari Shareholding Company (QSC) Mannai Corporation''s Board of Directors has proposed increasing the company''s share capital from QR 285,120,000 to QR 342,144,000 by issuing 5,702,400 new shares to existing share holders at the rate of one new share for every five held. Each new rights share is offered at a premium of QR 60 at the nominal share value of QR 10. The assembly will also mull the amendment of article 6 of the Articles of Association. The amended article will be "Share capital of the company shall be QR342,144,000 divided into 34,121,400 ordinary shares, the nominal value of each is Qatari Riyals (10)". On the meeting''s agenda is also the proposal authorizing the Board of Directors with all the powers necessary for implementation of the resolutions and finalizing their procedures before official authorities in Qatar.