Qatar Navigation picks HSBC as adviser
Doha, May 8, 2009
Qatar Navigation Company has appointed HSBC Middle East as adviser on its proposed merger with Qatar Shipping Company.
HSBC Middle East will carry out the studies and the evaluation tasks regarding the merger, Qatar Navigation said in a statement on the Doha bourse website.
The Qatari government issued an order in November for the two companies to merge to boost profitability and promote investment growth.
Qatar has encouraged several companies from livestock to real estate to merge to help them grow and weather the fallout from the financial crisis, which has upped the pressure on consolidation in the Gulf Arab region.
The government ordered Barwa Real Estate and Qatar Real Estate Investments Company to merge in January, Qatar Meat & Livestock Company (Mawashi) and Al Meera Consumer Goods Co to merge in January, among others.
Separately, Ezdan Real Estate Company said on March 29 it is eyeing a merger with the Group of International Housing Company.-Reuters