Milaha buys back 0.8% of its total remaining shares [Gulf Times (Qatar)]
(Gulf Times (Qatar) Via Acquire Media NewsEdge) Milaha (Qatar Navigation) has bought back 0.8% of its total outstanding shares, the first company to do so this year. At the end of the six-month buyback period that ended November 30, 2013, the company bought back 0.91mn shares or 0.8% of the outstanding capital, against a targeted up to 5%. The buyback has been undertaken as per the regulations of the Qatar Financial Market Authority. In May this year, Milaha's board of directors approved a share re-purchase programme of up to 5% of outstanding shares of the company. The company had said the funding for the re-purchase would be through its "significant" investment portfolio. Milaha's activities include marine transportation of gas, petroleum products, containers and bulk, offshore support services, port management and operations, logistics services, shipyard, trading agencies, real estate investments and asset management. Milaha has expanded operations and increased throughput capacity in Doha port to 750,000 TEUs (twenty-foot equivalent units) in mid-2013 from 650,000 in 2012 after it was entrusted with the port management. "Volumes in Doha port are expected to increase by about 15% to 20% in 2013. Marine transport is the division that dominates the Doha-Jebel Ali route and is highly reliant on Qatar's imports," according to QNB Financial Services.
(c) 2013 Gulf Times Newspaper Provided by Syndigate.info, an Albawaba.com company
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