GWC to increase its capital through a new rights issue

GWC has asked the Ministry of Economy and Commerce to approve a date to convene an Extraordinary General Assembly Meeting to ratify this transaction.
Ranjeev Menon, group CEO, Gulf Warehousing Company.
Ranjeev Menon, group CEO, Gulf Warehousing Company.

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Gulf Warehousing Company (GWC) has announced that the Corporate Supervision Department of the Ministry of Economy and Commerce approved the GWC Board’s proposal to increase the company’s capital by 25%, which is equivalent to 11,890,244 shares, at a nominal value of QAR (10) per share, and an issuing premium of QAR (28.50) per share (therefore amounting to a total of QAR 38.50 per share).

The company also announced that it was in the process of getting the Ministry of Economy and Commerce to approve a date to convene an Extraordinary General Assembly Meeting in order to adopt and ratify this transaction.

The date of the assembly is yet to be announced.

The rights issue announcement follows a strong start to 2015 for the GWC, which reported a 40% increase in net profits in the first quarter, achieving QAR 40 million,

In addition, total revenues peaked at QAR 196 million during the three months, which is 28% more than in Q1 2014, and GWC became the first company in Qatar to receive  ISO 27001:2013 for Information Security Management Systems particular to its records management services.

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