Qatar-based maritime transport and logistics company Qatar Navigation (Milaha) has increased the company’s stake in compatriot liquefied natural gas (LNG) shipping giant Nakilat.
Qatar Shipping Company, a subsidiary of Milaha, has entered into an agreement for acquiring the entire stake of Qatar Investment Authority in Qatar Gas Transport Company Ltd (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.
Abdulrahman Essa Al-Mannai, President and CEO of Milaha Group, 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.