DOHA: Qatar Investment Fund (QIF) has announced  the proposal for a tender offer to purchase up to 10 percent of the issued share capital of the company.
In a circular issued on Thursday, the London-listed Fund  noted: “Under   the terms of the tender offer, shareholders, other than restricted shareholders, will be entitled to have up to 10 percent of the shares they hold as at the record date purchased under the tender offer.
The proposal for the offer is subject to shareholder approval at the Extraordinary General Meeting, scheduled to be held on December 23.
The tender price will be an amount equal to a discount of one percent to Formula Asset Value per share. Continuing shareholders should receive uplift to their net asset value (NAV) per share as the tender price is calculated to a discount one percent to Formula Asset Value, which includes the costs of the tender offer.
The tender price will be paid to shareholders in US dollars and will be effected by the dispatch of cheques drawn on an account of a branch of a UK clearing bank, or crediting of CREST accounts as appropriate.
The tender offer is being made by Panmure Gordon who, as principal, will purchase at the tender price the shares validity tendered and following the completion of all those purchases, sell the relevant shares on to the company at the tender price by way of an on-market transaction, in accordance with the terms of repurchase agreement. All transactions will be carried out on the London Stock Exchange.
Shareholders are not obliged to tender any shares and, if they do not wish to participate in the offer. Shareholders should not complete or return their tender form.

Economic Zones Co renamed Manateq

Doha: Effective November 17, Economic Zones Company – the developer and operator of advanced economic zones and projects that offer world-class business environments to the Qatari private sector — will be now known as Manateq.
Owned by the Qatari Government represented by Qatar’s Authority for SMEs, Manateq and its economic zones will focus on creating the right conditions for smooth, long-term operations for clients, and facilitating opportunities for excellent returns.
“At Manateq, we have a vision to create a future with sustained growth for the private sector in Qatar and for everyone in general,” said Fahad Rashid Al Kaabi, CEO of Manateq. “Towards the attainment of such vision, we use resources wisely, support diversification, care for the environment, provide access to growing markets and make it easier for companies to do business. 
“Our mission is to play our part in delivering Qatar’s National Vision by developing and operating advanced economic zones and projects that offer world-class business environments,” he added. “With core competencies comprising the intellectual property that resides in the company, our expertise enables us to create some of the world’s most advanced economic zones and projects.”
The Peninsula