Doha: Qatar Financial Markets Authority (QFMA) said that it monitors the daily trading as usual and on the various listed companies, to ensure that there are no violations or exploitation of information that could affect trading or share prices, and that it takes the necessary measures in this regard if the need arises.
In this context, QFMA clarified in a statement issued on Sunday, on what is being circulated on social media, regarding the trading of the shares of Investment Holding Group (IHG) (a Qatari Public Shareholding Company), in regard to its acquisition of the Elegancia Group LLC.
On April 7, 2021, IHG announced its initial approval of the acquisition Elegancia Group LLC by increasing the company's capital and starting to study the offer, QFMA said.
Oct. 13, 2021, QFMA also indicated, that IHG disclosed that its board of directors decided to approve the acquisition in accordance with the exchange rates agreed by the board and the owners of Elegancia Group, to begin the date referred to by preparing the offer document for the process to be submitted to the QFMA.
On Nov. 15, 2021, IHG announced the signing of a share swap contract with the shareholders of Elegancia Group, noting that this contract does not produce any legal effect until after obtaining the approval of QFMA and all the regulatory authorities and the shareholders of IHG in an Extraordinary General Assembly, QFMA indicated.
On March 15, 2022, the statement said that the authority issued its non-objection to the acquisition process, after completing the requirements about which the company was addressed, and on the same day, the IHG disclosed to the market that it had reached the authoritys no objection and invited it to the Extraordinary General Assembly to complete its procedures.
The authority pointed out that with regard to the rises and fluctuations in the prices of some shares witnessed by the Qatar Stock Exchange, including the shares of IHG, the Qatar Stock Exchange addressed the company in this regard, and its response stated that there is no material information that has not been disclosed.
It also indicated that all investors can report any suspicions or submit any complaints for violating its laws and regulations through the authority's website.
Elegancia Group LLC is a Qatari company affiliated with many companies operating in the sectors of health services, hospitals, public services, industries, and contracting, and it has 30,000 employees.
