Gulf Warehousing Company to increase its capital through a new rights issue
Gulf Warehousing Company announced that the Corporate Supervision Department of the Ministry of Economy and Commerce has 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 shall be announced at a later date.
The rights issue announcement follows a succession of strong achievements and milestones for GWC in 2015. The company saw a strong 40% increase in net profits in the first quarter, achieving QAR 40 million, in addition to total revenues peaking at QAR 196 million during this period for a remarkable 28% increase from the previous year. GWC Sports meanwhile participated in one of the major sporting events of the quarter, delivering the logistical requirements for the 24th Men’s Handball World Championship – Qatar 2015.
Additionally, the company announced that it will perform equestrian logistics projects in the State of Qatar, and this service was essential during the company’s execution of logistics support during the transport of 128 horses for the CHI AL SHAQAB international event. GWC also enhanced its fine arts operations with two new trucks specifically designed for the fine art movements in accordance with the highest European standards.
Most recently, the company has announced that it was the Authorized Service Contractor for UPS in Qatar, providing a range of services under its name. The company also asserted the high standards of its operations by being the first in Qatar to receive the ISO 27001:2013 for Information Security Management Systems particular to its records management services.