Milaha increases its stake in Nakilat to 36.3%

Milaha Nakilat

Qatar Navigation (Milaha) announced that its subsidiary, Qatar Shipping Company has entered into an agreement for acquiring the entire stake of Qatar Investment Authority in Qatar Gas Transport Company (Nakilat) representing 5.9% of Nakilat’s share capital.The Sale and Purchase Agreement was conditional on obtaining the consent of the Qatar Financial Markets Authority and the Qatar Central Securities Depositary Company, according to Milaha’s press release.

President and CEO of Milaha Group Abdulrahman Essa Al Mannai announced that Milaha was holding, directly and indirectly, a 30.3% stake in the share capital of Nakilat and has become, as a result of the acquisition referred to above, the owner, directly and indirectly, of shares totaling approximately 36.3% of Nakilat’s share capital.Al Mannai said that Milaha is a founder and major shareholder of Nakilat, and added that, the increase of Milaha’s stake in Nakilat stems from Nakilat’s success and Milaha’s belief in the vital field of gas transportation. Nakilat is a leading gas transporting company and is the World largest LNG transporting company.

Milaha was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1.Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management. 

Sources and photo-credits: Gulf Times, QNA