Gulf Warehousing Company has received approval from the Ministry of Economy and Commerce to increase the capital by 25%, the company said in communiqué to the Qatar Stock Exchange.

Gulf Warehousing Company (GWC), which has won the right to construct Bu Sulba logistics hub for small and medium enterprises, is planning to raise as much as QR458mn from the secondary markets as part of strengthening its capital base to support the expansion plans.
The company has received approval from the Ministry of Economy and Commerce to increase the capital by 25% or additional 11.89mn shares at QR38.5 a piece (including a premium of QR28.5), the company said in communiqué to the Qatar Stock Exchange.
Having received the ministerial approval, the proposal will now have to be ratified at an extraordinary general assembly of shareholders. The company is planning to hold such a meeting at the earliest, it is understood.
However, the proposed rights issue size has been reduced by QR18mn as the company had in December last year announced the proposed issuance of 11.98mn additional shares at QR40 a piece, totalling QR476mn.
GWC is constructing the Bu-Sulba logistics hub, which will be self-contained facility built on 517,376 sqm with planned built-up area exceeding 40% of the total area, at estimated cost of QR685mn. Approximately 194 warehousing units of different specs optimised for SMEs, container yard, staff accommodation, a mosque, first-aid unit and commercial and other amenities
The first phase of 305,200 sqm Logistics Village Qatar (LVQ), which is located 20km away from all the key transportation hubs and businesses and industrial centres, matured into a fully functional and revenue generating asset of the company during 2012.
In 2012, the construction of LVQ Phase 2, comprising of 60,560sqm of additional warehousing space, was completed and made operational.